John Stumpf has retired as CEO and chairman of Wells Fargo.
Senator Elizabeth Warren said that it isn’t enough.
Warren, the long-time Wall Street critic who called for the resignation of Stumpf during a Senate hearing in September, reiterated her call for Stumpf to return all of his compensation and face a criminal investigation.
Warren told Business Insider following the Senate hearing that Stumpf should face charges for not disclosing the opening of 2 million fake accounts under the names of customers without their knowledge to investors in financial statements. Warren said this was a violation of the Sarbanes-Oxley Act and said the Department of Justice and the Securities and Exchange Commission should look into the violations.
Here’s the full statement from Warren:
“As I said at the hearing last month, Mr. Stumpf should resign, return every nickel he made while this scam was going on, and face an investigation by the Justice Department and SEC. So far, he’s one for three. If Mr. Stumpf is leaving with all of his ill-gotten millions that’s still not real accountability. A bank teller would face criminal charges and a prison sentence for stealing a handful of 20s from the cash drawer. A bank CEO should not be able to oversee a massive fraud and simply walk away to enjoy his millions in retirement.”
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