The SEC said John Stumpf and Carrie Tolstedt misled investors about the bank’s success in selling multiple products to customers.
A regulator also fined John Stumpf $17.5 million for failures of leadership that contributed to the bank's fake-accounts scandal.
The bank discloses another investigation of the sham-accounts scandal that has sparked customer outrage and a $185 million settlement.
One cause of the alleged improprieties of Wells Fargo’s incentive programs may have been clogged communications.
