Ex-Wells Fargo Execs Square Off With US Regulator in Trial Over Phony Account Scandal

WASHINGTON—The Office of the Comptroller of the Currency (OCC), a top U.S. banking regulator, kicked off its civil trial on Monday of three former Wells Fargo & Co. executives over their alleged roles in a scandal involving phony accounts at the San Francisco lender. The proceedings before an in-house OCC judge in Sioux Falls, South Dakota, mark a rare public confrontation between the regulator and former top bank executives it says are partly culpable for Wells Fargo’s misconduct. The OCC alleges that Wells Fargo’s former risk officer Claudia Russ Anderson, former chief auditor David Julian and former executive audit director Paul McLinko failed to adequately perform their duties and responsibilities, contributing to Wells Fargo’s “systemic sales practices misconduct” from 2002 to 2016. The regulator brought civil charges last year against the trio, as well as other former Wells Fargo executives, and has demanded they pay nearly $19 million combined to …

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