Updated: Oct 5, 2021
Three former Wells Fargo executives, former Chief Auditor David Julian, former community banking executive Claudia Russ Anderson and former Executive Audit Director Paul McLinko, are facing a civil trial in September in Sioux Falls, South Dakota.
They are being charged for their management failures that lead to the systemic branch banking problems that were made public in 2019. The civil trial, scheduled for September 13, 2021 in Sioux Falls. The trial will have former Wells Fargo CEOs, John Stumpf and Tim Sloan as witnesses for the prosecution.
The Office of the Controller of the Currency (OCC) charges the three executives failed to perform their duties adequately, leading to systemic problems at the bank, according to American Banker.
The OCC wants Chief Auditor David Julian to pay a fine of $2,000,000 and Executive Audit Director Paul McLinko to pay a fine of $500,000.
How would you react to your CEO testifying in civil court against you?