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Former Wells Fargo Chief Executive John Stumpf has been barred from the banking industry and forced to pay $17.5 million in penalties for failing to prevent the creation of fake accounts at the bank.

Stumpf’s settlement was one of several actions the Office of the Comptroller of the Currency, one of the bank’s regulators, announced Thursday against former Wells Fargo executives tied to the scandal. The misconduct, which was discovered in 2016, dated back to 2002 and involved the creation of fraudulent savings and checking accounts to meet sales targets, resulting in bogus fees for unwitting clients.

“The actions announced by the OCC today reinforce the agency’s expectations that management and employees of national banks and federal savings associations provide fair access to financial services, treat customers fairly, and comply with applicable laws and regulations,” Comptroller Joseph Otting said.

Stumpf was one of the three former executives to settle with the OCC. Hope Hardison, the San Francisco-based bank’s former chief administrative officer, was issued a $2.25 million fine and former chief risk officer Michael Loughlin must pay a penalty of $1.25 million.

In addition to the settlements, the OCC also announced civil charges against five former Wells Fargo executives, including Carrie Tolstedt, who led the community bank and faces $25 million in penalties.

The scandal continues to weigh on Wells Fargo (ticker: WFC), even after many of the executives involved have departed. The bank was ordered by the Federal Reserve to keep its assets under $2 trillion as it works to improve its operations.

Wells Fargo brought in an outsider, Charles Scharf, formerly of Bank of New York Mellon (BK), to lead the turnaround in September. But Wall Street isn’t convinced the bank’s troubles are behind it.

The stock was downgraded by Piper Sandler after the bank reported earnings last week, as analysts were unsure of the turnaround prospects after Scharf said he wasn’t sure whether issues would be settled this year.

After the OCC announced its actions Thursday, Scharf didn’t shy away from the bank’s responsibility in the scandal.

“The OCC’s actions are consistent with my belief that we should hold ourselves and individuals accountable,” Scharf said in a memo to employees. “They also are consistent with our belief that significant parts of the operating model of our Community Bank were flawed.”

“This was inexcusable. Our customers and you all deserved more from the leadership of this Company,” he said.

Representatives from Wells Fargo declined to put Barron’s in touch with Stumpf and other former executives named in the OCC announcement.

Shares pared losses following the announcement and were down 0.4% to $48.35 late Thursday afternoon. The Dow Jones Industrial Average was off less than 0.1%.

Write to Carleton English at carleton.english@dowjones.com