the former head of wells fargo  cos community bank carrie tolstedt has agreed to pay a 3 million penalty stemming from charges brought in 2020 for her role in allegedly misleading investors the securities and exchange commission said tuesday tolstedt in march pleaded guilty to obstructing regulators who tried to examine allegations of sales misconduct at the business she ran the sec previously settled related charges against wells fargo and its former ceo and chairman john stumpf tolstedt who retired from the bank in 2016 was a key figure in the fakeaccounts scandal in which regulators alleged that executives set high sales goals that encouraged lowlevel employees to open fake and unauthorized bank accounts without admitting or denying the secs allegations tolstedt agreed to a final judgment permanently enjoining her from violating the antifraud and other provisions of the federal securities laws and imposing a permanent officeranddirector bar the commission said in addition to the 3 million civil penalty tolstedt agreed to pay disgorgement of 15 million plus prejudgment interest of 447874 the sec said the sec said it would combine this money with 500 million paid by wells fargo and the 25 million penalty paid by stumpf in previous settlements and distribute the sum to harmed investors the settlement is subject to court approval under a separate settlement with the office of the comptroller of the currency tolstedt has been barred from the banking industry and must pay a 17 million fine