Wells Fargo exec fired for living in repossessed home
By The Associated Press
Posted: 09/14/2009 05:10:44 PM PDT
MALIBU - Wells Fargo & Co. has fired an executive who reportedly partied and stayed at a bank-owned $12 million beach house in the exclusive Malibu Colony, the bank said Monday.
Bank spokeswoman Jennifer Langan confirmed that Cheronda Guyton, a senior vice president, was the only employee involved in the alleged violation of company policy.
"We deeply regret the activities that have taken place as they do not reflect the conduct we expect of our team members," the bank said in a statement.
No phone listings could be located for Guyton.
The previous homeowners, Lawrence and Linda Elins, turned over the 3,800-square-foot house to Wells Fargo in May. Their real estate agent said they were financially devastated by Bernard Madoff's fraud scheme and had to sign the property over to Wells Fargo to help pay a larger debt.
The home was not foreclosed and the bank agreed not to immediately sell it, Langan said.
Neighbors told the Los Angeles Times they saw Guyton's family at the house and that it was used for at least one party where guests were ferried from a yacht.
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