Former Wells Fargo executive Tolstedt avoids prison time in fake-accounts scandal - WSJ

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Wells Fargo Bank branch is seen in New York

Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon/File Photo Acquire Licensing Rights

Sept 15 (Reuters) - A former Wells Fargo (WFC.N) executive Carrie Tolstedt will not serve prison time for her role in the bank's fake-accounts scandal, the Wall Street Journal reported on Friday.

A Los Angeles judge on Friday sentenced Tolstedt to three years' probation and six months of home confinement, according to the report, which added that she will also pay a $100,000 fine and serve 120 hours of community service.

Wells Fargo declined to comment.

Tolstedt earlier this year agreed to plead guilty to obstructing a bank examination in relation to the sweeping phony accounts scandal that roiled Wells Fargo in 2016.

Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shilpi Majumdar and Shounak Dasgupta

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