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

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.

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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