Wells Fargo fires partying executive

The bank employee used a foreclosed beach house for her own fun.

By Elizabeth Strott Sep 15, 2009 8:27AM

Reports that a Wells Fargo & Co executive used the bank-owned, beachfront Malibu home as her own private party  (© Lisa Baertlein/Reuters)Who wouldn't want to party in Malibu?

 

Wells Fargo (WFC) said late Monday that it fired Cheronda Guyton, a senior vice president in charge of commercial foreclosed properties, for using a foreclosed beach house in Malibu, Calif., for private parties and weekend guests.

 

"A single team member was responsible for violating our company policies. As a result, employment of this individual has been terminated," Wells said in a statement. "We deeply regret the activities that have taken place as they do not reflect the conduct we expect of our team members."

 

Last week, The Los Angeles Times reported that the 39-year-old Guyton had been seen using the property for her own personal use. The bank took possession of the home last May after the former owners, Lawrence and Linda Elins, were wiped out by Bernie Madoff's Ponzi scheme.

 

The 3,800-square-foot house is valued at between $12 million and $25 million and is located in a community that is gated to prevent the public from trespassing on private beaches.

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