The Office of the Comptroller of the Currency (OCC) today announced it has assessed a $3.5 million penalty against James Strother for his role in Wells Fargo Bank, N.A.’s systemic sales practices misconduct.
The penalty came as part of a settlement with the bank’s former General Counsel that also included a personal cease and desist order. The settlement follows the OCC filing a notice of charges against Mr. Strother and four other senior bank executives on January 23, 2020. As part of the settlement, Mr. Strother agreed to cooperate with the OCC in any investigation, litigation, or administrative proceeding related to sales practices misconduct at the bank.
The settlement the OCC announced today is in addition to the settlements with six other former senior bank executives announced on January 23 and September 21, 2020.
The civil money penalty (CMP) is paid to the U.S. Treasury.