The Office of the Comptroller of the Currency announced settlements with David Julian, former Chief Auditor at Wells Fargo Bank, N.A., and Paul McLinko, former Executive Audit Director, resolving enforcement actions tied to the bank’s longstanding systemic sales practices misconduct. Consent orders assessed a USD 100,000 civil money penalty against Julian and a USD 50,000 civil money penalty against McLinko, and imposed personal cease and desist orders on both individuals. The settlements also resolve the former executives’ appeal to the U.S. Court of Appeals for the District of Columbia Circuit of OCC final decisions issued on January 14, 2025, following enforcement actions initiated in January 2020. The OCC noted it has previously entered into consent orders with eight other former Wells Fargo senior executives in related matters, with cumulative penalties exceeding USD 43 million, paid to the U.S. Treasury.
Office of the Comptroller of the Currency 2025-04-25
Office of the Comptroller of the Currency settles Wells Fargo internal audit cases with USD 150,000 in penalties and personal cease and desist orders
The Office of the Comptroller of the Currency settled enforcement actions with former Wells Fargo executives David Julian and Paul McLinko, imposing civil money penalties of USD 100,000 and USD 50,000, respectively, and personal cease and desist orders. These settlements resolve their appeal to the U.S. Court of Appeals regarding OCC decisions from January 2025. The OCC previously settled with eight other former Wells Fargo executives, with total penalties exceeding USD 43 million.