November 20, 2020

Ex-Wells Fargo CEO John Stumpf misled investors in accounts scam: SEC

first_imgJohn Stumpf, chief executive officer of Wells Fargo & Co., waits to begin a House Financial Services Committee hearing in Washington, D.C., U.S., on Thursday, Sept. 29, 2016.Andrew Harrer | Bloomberg | Getty Images Wells Fargo was later found to have inflated that metric by putting millions of customers into products without their consent, a scandal that cost Stumpf his job in 2016 and even that of his successor Tim Sloan. Current CEO Charlie Scharf took over a year ago and has been tasked with overhauling the fourth biggest U.S. bank and satisfying regulators’ demands for better controls.“If executives speak about a key performance metric to promote their business, they must do so fully and accurately,” said Stephanie Avakian, director of the SEC’s Division of Enforcement.The SEC’s complaint, filed in California, charges Tolstedt with fraud and seeks penalties and to ban her from being an officer or director of a public company.- Advertisement – Ex-Wells Fargo CEO John Stumpf and former deputy Carrie Tolstedt were charged by the Securities and Exchange Commission with misleading investors about the bank’s success in selling multiple products to customers.Stumpf agreed to pay a $2.5 million civil penalty to resolve the matter, allowing him to avoid admitting or denying the charges, the SEC said Friday.The two executives had certified in 2015 and 2016 investor disclosures that touted the firm’s supposedly robust “cross-sell” metric, despite knowing it was misleading, the SEC said in a statement. The metric is an industry term for how many products a single customer has.- Advertisement – According to the SEC’s complaint, Tolstedt publicly endorsed the firm’s vaunted cross-sell metric from 2014 through 2016, despite the fact that it was “inflated by accounts and services that were unused, unneeded, or unauthorized.”In an e-mailed statement, Tolstedt’s lawyer Enu Mainigi called his client “an honest and conscientious executive.”“It is unfair and unfounded for the SEC to point the finger at Ms. Tolstedt when her statements were not only true but also thoroughly vetted by others as part of Wells Fargo’s policies, procedures and systems of controls,” Mainigi said. “Ms. Tolstedt acted appropriately, transparently and in good faith at all times.  We look forward to setting the record straight and clearing her name.”Earlier this year, Wells Fargo paid $3 billion to settle several U.S. probes into its operations, including a $500 million deal with the SEC. The regulator said it will distribute money collected from Stumpf and the bank to investors.center_img – Advertisement – – Advertisement –last_img read more

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Police Warn Flushing Drugs Could Create “Meth Gators” and “Attack Squirrels”

first_imgPolice in Tennessee are warning that flushing illegal drugs down the toilet could create “meth-gators.”In a Facebook post, the Loretto Police Department said methamphetamine had already created hyped-up gators in Alabama, plus an “attack squirrel.”Police are telling folks to call them if they want to dispose of drugs so they can make sure it’s done safely.“Please don’t flush your drugs okay. When you send something down the sewer pipe it ends up in our retention ponds for processing before it is sent down stream. Now our sewer guys take great pride in releasing water that is cleaner than what is in the creek, but they are not really prepared for meth. Ducks, Geese, and other fowl frequent our treatment ponds and we shudder to think what one all hyped up on meth would do. Furthermore, if it made it far enough we could create meth-gators in Shoal Creek and the Tennessee River down in North Alabama. They’ve had enough “methed up” animals the past few weeks without our help. So, if you need to dispose of your drugs just give us a call and we will make sure they are disposed of in the proper way. “They haven’t said whether callers will get a pass on being arrested.last_img read more

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Olympia Weekend Event Calendar

first_imgPublished for Friday, September 6It’s the first full weekend in September.  Following a glorious end to August, we were quickly tormented by heavy rains, thunder and lightening – just a reminder of what’s to come later this winter.  However, the forecast heading into the weekend looks promising and there are plenty of activities around town to entertain your family.  Here’s a brief list.  Find a comprehensive list on our event calendar.Kick off the Washington State Fair (formerly the Puyallup Fair).  Find more Fair information here.Enter Free Friday Night at the Hands On Children’s Museum.Get a cleaning during Bode Family Dentistry’s Free Dental Day on Saturday beginning at 7:00 am.Celebrate beer at Oktoberfest at Tumwater Valley Golf Course on Saturday from 4:00 – 10:00 pm.Prep for the winter during the Thurston County Emergency Preparedness Expo at Saint Martin’s University on Saturday from 10:00 am – 3:00 pm.Look underwater at Pier Peer at Boston Harbor Marina on Saturday night.Catch live theater by Olympia Little Theater (The Last of the Red Hot Lovers) and Harlequin Productions (Five Women Wearing the Same Dress).Rejoice in the harvest during the Olympia Food Co-Op’s Annual Harvest Party on Sunday at Lion’s Park.Try the Washington State Parks GeoChallenge to win some awesome prizes.  Participate in the event throughout September.Watch the salmon migrate through downtown Olympia.Submit an event for our calendar here.ThurstonTalk aims to be your source for positive information and events happening in Olympia.  If you have a suggestion for an article, send us a note at submit@thurstontalk.com.  For more events and to learn what’s happening in Olympia and the surrounding area, click here. Facebook4Tweet0Pin0last_img read more

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