Ex-Wells Fargo Executives Face Millions in Fines for Misconduct

The Office of the Comptroller of the Currency fined three former Wells Fargo & Co. executives, including community banking risk officer Claudia Russ Anderson, and banned them from the banking sector for misconduct and “unsafe or unsound” sales practices.

Anderson will pay $10 million, the OCC said Tuesday in a statement. Also fined were Chief Auditor David Julian, who will pay $7 million, and Paul McLinko, the lender’s executive audit director, whose fine was $1.5 million.

A 2020 investigation by the OCC concluded that the executives opened millions of unauthorized customer accounts, transferring funds without customer consent and ...