John Stumpf, the former CEO of Wells Fargo who stepped down after the bank's scandal over selling services to customers without their knowledge, bought a Paradise Valley house with his wife, Ruth, through a family trust. That is by far the largest open-market sale of Wells Fargo stock that you made in your nine years as CEO. 3,556, This story has been shared 2,658 times. This is not new stuff, that all of a sudden Congress changed some rules, and you can't have your employees create fake accounts and take fees from customers unknowingly, unwittingly. The hearing began at 10 a.m. Neil and Gailee Fizpatrick bought a 4,700-square-foot Mediterranean-style house with a stone facade next to the Silverleaf Club in north Scottsdale's DC Ranch community. And here's a sample of Stumpf's exchanges with McHenry, whose home turf includes two banks that are now part of Wells Fargo — First Union and Wachovia. ET and ended around 2:30 p.m.; we've isolated those exchanges in the House panel's YouTube feed (and you can read them below): "Mr. Stumpf, we know now that whistle-blowers first contacted the Consumer Financial Control Board about the fraud at Wells Fargo in mid-2013. "What's sad to me is the impact of this on them," McHenry said, noting that Stumpf had trumpeted the mergers as a blend of compatible corporate cultures. When you're arranging a renovation, always remember to seek out architects. If you're catching up on this story, here's where it stands: We Insist: A Timeline Of Protest Music In 2020, contentions made by Sen. Elizabeth Warren, Carrie Tolstedt, the retiring Wells Fargo executive who led the unit that was found at fault in the scandal, created a stir when it emerged that she would be leaving the bank. The bank also said that Tolstedt is forfeiting outstanding stock awards worth about $19 million, and "will not be paid severance or receive any retirement enhancements.". “A full and fair examination of the facts will vindicate Carrie,” a lawyer for Tolstedt told Reuters.

It was sold by Sarah Pappas. MORE: Fountain Hills 'Butterfly home' sells to Chinese buyer for $3.3M. According to published reports, John Stumpf received a $134 million retirement package from Wells Fargo in 2016. "I have a chart here that shows you've been penalized almost systematically, every year since you have been in charge," Meeks said, noting that Stumpf has been Wells' CEO since 2007 and its chairman and CEO since 2010. Wells Fargo CEO John Stumpf is sworn in on Capitol Hill, where he is testifying before the House Financial Services Committee about Wells Fargo's opening of unauthorized customer accounts.

Consider two early exchanges, in which Rep. Carolyn Maloney, D-N.Y., and Rep. Patrick McHenry, R-N.C., went back to back in grilling Stumpf, with Maloney taking Stumpf to task over his personal financial gains, and McHenry asking about the bank's culture. Sitemap That is, there's never in human history when that has been an ethical 'OK.' ", By firing thousands of lower-level employees, Stumpf shifted blame, Maloney said. We make the law in Congress. This story has been shared 3,556 times. ", McHenry added, "You have broken, and your company has broken, longstanding law.



McHenry then recited from Wells Fargo's code of ethics, particularly the CEO's message, which includes this line: "We are all responsible for maintaining the highest possible ethical standards in how we conduct our business and serve our customers.". In his opening remarks, Stumpf had refused to accept the contentions made by Sen. Elizabeth Warren and others in a Senate hearing last week — that the bank's oft-stated goal of cross-selling, or encouraging customers to open additional accounts, played a crucial role in the creation of accounts that wrongly used customers' personal and financial information. Her newest address is a 5,430-square-foot Spanish Colonial-style house that has a large outdoor living area, four bedrooms and five bathrooms. What standards are you holding yourself to that sends a message to the rest of these folks in your organization?". From 1994 to 1… Gary and Dianne Linthicum of Linthicum Builders sold the house.

Holding up a printout of a form Stumpf filed, Maloney said it "shows that on Oct. 30, 2013, you sold $13 million worth of Wells Fargo stock on the open market. "That is not the case," Stumpf told the committee. "You broke the law. “The OCC’s actions are consistent with my belief that we should hold ourselves and individuals accountable,” CEO Charles Scharf said in an email to staff. We've received your submission. January 23, 2020 | 2:57pm | Updated January 23, 2020 | 6:24pm. Stumpf became a lightening rod of public fury after it was revealed in September 2016 that the bank’s sales people had opened millions of fake bank and credit cards in the names of its customers in an effort to meet aggressive sales quotas. In his reply, Stumpf said, "The culture of the company is strong, and I don't" — but this time, it was McHenry who cut him off. Our customers and you all deserved more from the leadership of this company.”. Catherine Reagor and The Information Market researched this report. The regulator even cited a letter one ex-staffer wrote to Stumpf in 2013 claiming that working at Wells was more stressful than this person’s Gulf War military service. ", McHenry then told Stumpf, "So for you to say that the culture is OK, this seems to me that you're just tone-deaf to this.". Thanks for contacting us. He was named regional president for Norwest Banks in Colorado/Arizona in 1991. Rep. Gregory Meeks, D-N.Y., asked pointed questions of Wells Fargo CEO John Stumpf on Thursday, including why 5,300 employees had been fired over millions of bogus accounts but Stumpf remains in charge. ", As he had earlier, Stumpf again cited the hundreds of thousands of Wells Fargo employees "who've made their life's work and careers out of helping customers.". AZ International Auto Show & New Car Buyer's Guide 2020 Model Year, scandal over selling services to customers without their knowledge, left Wells Fargo in 2016 with a $134 million retirement package, Fountain Hills 'Butterfly home' sells to Chinese buyer for $3.3M, Arizona Cardinals' Larry Fitzgerald selling Paradise Valley home for $5M, New home buyers will pay for Arizona's construction worker shortage, Phoenix-area home prices surpass 2006 peak to set record, Where are baby boomers retiring? Sarah Pappas, who sold the second priciest home this week, bought another home in DC Ranch's Silverleaf for $120,000 less than the one she sold nearby. John Stumpf Architect PC consulting architects are critical to guarantee a top notch house remodeling. 837, © 2020 NYP Holdings, Inc. All Rights Reserved "So my question is: Did you dump $13 million of Wells Fargo stock, which you did through your family trust, right after you found out that your bank had been fraudulently opening hundreds of thousands of scam accounts, ripping off your customers?

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