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Wells Fargo's former head of retail banking, has agreed to plead guilty to a criminal charge of obstructing a bank examination, which carries a maximum sentence of five years in prison.
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Tolstedt faces up to 16 months in prison for her role in the sham accounts scandal that engulfed the bank six years ago.
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She is the first high-ranking Wells Fargo executive to be criminally charged for the bank's actions.
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Prosecutors allege that Tolstedt knowingly turned a blind eye to signs that bank employees were using illegal tactics to meet the bank's aggressive sales targets.
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The Securities and Exchange Commission is also pursuing litigation against Tolstedt for misleading investors about the bank's sales tactics and financial health.
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Tolstedt's plea agreement calls for her to pay $17 million to settle charges brought by the Office of the Comptroller of the Currency, and the agency said she will also face a sentence of up to 16 months in prison.