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Former Wells Fargo exec faces prison, will pay $17 million fine over fake accounts scandal
WASHINGTON, March 15 (Reuters) - The former head of Wells Fargo's retail bank is facing prison time after agreeing to plead guilty to obstructing a bank examination in relation to the sweeping phony accounts scandal that roiled the bank in 2016.
Carrie Tolstedt, 63, faces up to 16 months in prison under a plea agreement with federal prosecutors filed on Wednesday. The development marks a rare instance of a senior bank executive facing prison time as a result of their job.