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WASHINGTON (Reuters) – A U.S. bank regulator announced Monday it had fined three former executives at Wells Fargo Bank (N:WFC) for their roles in the company’s sales practices scandal.
The Office of the Comptroller of the Currency announced it had imposed the fines on three former executives from the bank’s community bank arm, arguing they either did know or should have known about long-running problems with the bank’s sales practices.
The OCC imposed a $925,000 fine on Matthew Raphaelson, the former community bank group finance officer, and barred him from the banking industry. It also imposed a $400,000 fine on Kenneth Zimmerman, the bank’s former head of community bank deposit products group, and a $350,000 fine on Tracy Kidd, the former head of community bank human resources.
The fines come nine months after the regulator imposed fines on eight other former bank executives, including former CEO John Stumpf.
A Wells Fargo spokeswoman did not immediately respond to a request for comment.
The regulator added that the settlements also require the individuals to cooperate with any other investigation related to the sales practices.
