OCC Announces Settlements With Three Former Senior Wells Fargo Bank Executives

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced settlements with three former senior executives of Wells Fargo Bank, N.A., Sioux Falls, South Dakota, for their roles in the bank’s systemic sales practices misconduct.

The settlements include: (1) a prohibition order and $925,000 civil money penalty (CMP) to former Community Bank Group Finance Officer Matthew Raphaelson; (2) a personal cease and desist order (PC&D) and $400,000 CMP to the former Head of Community Bank Deposit Products Group Kenneth Zimmerman; and (3) a PC&D and $350,000 CMP to the former Head of Community Bank Human Resources Tracy Kidd.

As part of the settlements, each individual agreed to cooperate with the OCC in any investigation, litigation, or administrative proceeding related to sales practices misconduct at the bank. The settlements the OCC announced today are in addition to the actions the OCC announced on January 23, 2020, including the issuance of a notice of charges against five other former senior bank executives and settlements with three others.

Related Links

• Prohibition Order and CMP Against Matthew Raphaelson (PDF)
• Personal Cease and Desist Order and CMP Against Kenneth Zimmerman (PDF)
• Personal Cease and Desist Order and CMP Against Tracy Kidd (PDF)