New York (CNN Business) Former Wells Fargo CEO John Stumpf on Thursday agreed to a lifetime ban from the banking industry and a $17.5 million fine for his role in leading the bank through its massive fake accounts scandal and other sales practice misconduct.

Wells Fargo WFC In addition to Stumpf, the US Office of the Comptroller of the Currency fined seven other formerexecutives about $40 million in connection to what the OCC described as "the bank's systemic sales practices misconduct."

The civil charges brought by the federal agency say the executives "failed to adequately perform their duties and responsibilities, which contributed to the bank's systemic problems with sales practices misconduct from 2002 until October 2016."

"The misconduct of these individuals allowed the practices to continue for years, affecting millions of bank customers and thousands of lower level bank employees," the OCC said in a statement.

Wells Fargo has already paid out about $4 billion in fines stemming from the wide-ranging sales schemes.