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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British Open 2019 leaderboard: Live golf scores, results from Sunday’s Round 4

first_img Follow Tiger’s score and the rest of the field below with our live British Open leaderboard. You can also check out our Tiger Tracker for highlights from Woods’ first round. The fourth and final major on the 2019 PGA Tour calendar is upon us. The best players in the world have converged on Royal Portrush for the 148th British Open.Golf’s oldest major used to fall third in the seasonal lineup before the PGA Championship moved from August to May. This year, the month of August is all about the Tour Championship after things wrap up in Northern Ireland, so this weekend is the last time golf will be on the mainstream radar until 2020. TIGER TRACKER: Follow Tiger Woods’ Round 2 at the British OpenBritish Open leaderboard: Live scores from Round 4LeaderboardThe Open Championship17 – 20 July 2019Pos.Player NameNationalityScoreRound 1Round 2Round 3Round 4Total1Shane LowryRepublic of Ireland-15676763722692Tommy FleetwoodEngland-9686766742753Tony FinauUSA-7687068712774Lee WestwoodEngland-6686770732784Brooks KoepkaUSA-6686967742786Rickie FowlerUSA-5706966742796Danny WillettEngland-5746765732796Robert MacIntyreScotland-5687271682796Tyrrell HattonEngland-56871716927910Patrick ReedUSA-47167717128011Justin ThomasUSA-37170687228111Jon RahmSpain-36870687528111Francesco MolinariItaly-37469726628111Tom LewisEngland-37568687028111Alex NorenSweden-36871687428116Rory SabbatiniSouth Africa-27070717128216Ryan FoxNew Zealand-26875706928216Sanghyun ParkSouth Korea-26972687328216Lucas BjerregaardDenmark-27068747028220Erik Van RooyenSouth Africa-17068727328320Matthew FitzpatrickEngland-17169707328320Henrik StensonSweden-17069687628320Jordan SpiethUSA-17067697728320Justin RoseEngland-16967687928320Lucas GloverUSA-17269717128320Doc RedmanUSA-17171717028320Cameron SmithAustralia-17066717628320Stewart CinkUSA-17468717028320Louis OosthuizenSouth Africa-17072726928330Webb SimpsonUSAPar6871717428430Kevin KisnerUSAPar7071707328432Bernd WiesbergerAustria+17071747028532Byeong Hun AnSouth Korea+17367707528532Kiradech AphibarnratThailand+16873776728532Joost LuitenNetherlands+17369717228532Andrew WilsonEngland+17667717128532Jason KokrakUSA+17469746828532Ernie ElsSouth Africa+17169727328532Dylan FrittelliSouth Africa+16869707828532Andrew PutnamUSA+17067707828541Russell KnoxScotland+27071687728641Callum ShinkwinEngland+27071757028641Kyle StanleyUSA+27567737128641Matt KucharUSA+27068697928641Benjamin HebertFrance+27369737128641Justin HardingSouth Africa+27165747628641Aaron WiseUSA+27269717428641Xander SchauffeleUSA+27465697828641Patrick CantlayUSA+27071717428641Inn-Choon HwangSouth Korea+27271707328651Charley HoffmanUSA+37073707428751Dustin JohnsonUSA+37267727628751Branden GraceSouth Africa+37071757128751Matt WallaceEngland+37370727228751Shubhankar SharmaIndia+37072776828751Bubba WatsonUSA+37271737128757Kevin StreelmanUSA+47765747228857Adam HadwinCanada+47469727328857Thorbjørn OlesenDenmark+47268777128857Ashton TurnerEngland+46974776828857Paul CaseyEngland+47270737328857Graeme McDowellNorthern Ireland+47370687728863Romain LangasqueFrance+56972707828963Jim FurykUSA+57368757328963Paul WaringEngland+57568757128963Mikko KorhonenFinland+57269717728967Sergio GarciaSpain+66873717829067Yosuke AsajiJapan+67271717629067J.B. HolmesUSA+66668698729067Thomas PietersBelgium+67268747629071Eddie PepperellEngland+87072767429272Nino BertasioItaly+97271757529372Yuki InamoriJapan+970737080293Click here or refresh the page if you can’t view the leaderboard.center_img Tiger Woods, as per usual, is the main draw at Royal Portrush, which is hosting the British Open for the first time since 1951. Northern Ireland’s own Rory McIlroy, who has two wins on tour this year but hasn’t won a major since 2014, was installed as the hometown betting favorite. Neither man is likely to make it to the weekend, though.MORE: Watch the British Open live with fuboTV (7-day free trial)Woods, ranked fifth in the world, recaptured the sports world’s imagination by winning the Masters in April, only to miss the cut at the PGA Championship weeks later. He has stabilized in two appearances since — a top-10 finish at the Memorial Tournament and a tie for 21st at the U.S. Open — but there’s still a pall of unfinished business over Woods’ season. Royal Portrush represents his final chance in 2019 to make a splash and perhaps inch one win closer to Jack Nicklaus’ all-time major record.The 156-player field features each of the world’s top 33 ranked golfers, including 2018 champion Francesco Molinari and both of this year’s other major winners, Brooks Koepka (PGA Championship) and Gary Woodland (U.S. Open). Koepka (2018), Jordan Spieth (2015) and McIlroy (2014) are the only golfers to win two majors in a calendar year this decade.Just got back inside. Holy monsoon…. He’s outta here. Hit a few putts and took off, as did I. Tee time is 10:10AM ET. #TheOpen— Tiger Tracker (@GCTigerTracker) July 17, 2019last_img read more

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