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Former Wells Fargo executive avoids prison time over fake-accounts scandal

By Charlotte Business Journal

Wells Fargo economists now see recession arriving later than previously expected (Courtesy of: Charlotte Business Journal)

By Charlotte Business Journal

CHARLOTTE — Former Wells Fargo & Co. executive Carrie Tolstedt has avoided prison time for misleading regulators investigating the bank’s opening of millions of accounts without customer authorization, according to reports.

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U.S. District Judge Josephine Staton on Friday sentenced Tolstedt to three years of probation, six months of home confinement, a $100,000 fine and 120 hours of community service. The longtime former Wells Fargo executive oversaw the portion of the bank at the heart of Wells Fargo’s fake-accounts scandal.

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