David Julian, Wells’ former chief auditor, was fined $7 million. The OCC alleged that he failed to plan and manage audit activity that would have detected and documented sales practices misconduct. The OCC also asserted that Julian failed to adequately escalate sales practices misconduct.
While an administrative law judge recommended a lifetime bank, Julian was instead ordered to cease and desist from unsafe and unsound practices and to comply with banking laws and regulations.
Finally, the OCC fined Paul McLinko, Wells’ former executive audit director, $1.5 million fine, reflecting his failure to maintain “professional independence” from the community bank. He was issued a C&D order similar to what was given to Julian.
Former CEO John Stumpf had already been hit with a $17.5 million fine, while Carrie Tolstedt, former retail banking chief, was assessed $17 million.