Wells Fargo has fired the executive accused of using bank-owned Malibu home. Cheronda Guyton, a senior vice president responsible for commercial foreclosed properties, was seen by neighbors using the Malibu Colony house, which was lost by victims of Bernard Madoff’s Ponzi scheme. Taking swift action to contain a public relations mess, Wells Fargo fired a top executive accused of using a bank-owned Malibu beach house to entertain her family and friends, said the Los Angeles Times. Guyton broke company rules barring personal use of bank property, Wells Fargo said in a statement Monday. She was spotted by neighbors spending time at the Malibu Colony home with her family this summer. The property’s former owners, Lawrence and Linda Elins, were among the victims in Bernard Madoff’s massive Ponzi scheme. Because of their financial losses, the couple had been forced to sign over the property to Wells Fargo to help satisfy a debt, their former real estate agent said. Wells Fargo said its internal investigation concluded that “a single team member was responsible for violating our company policies. As a result, employment of this individual has been terminated.”"We deeply regret the activities that have taken place as they do not reflect the conduct we expect of our team members,” the statement added.
Party Over as Wells Fargo Fires Exec Accused of Using Foreclosed Home
Taking swift action to contain a public relations mess, Wells Fargo fired a top executive accused of using a bank-owned Malibu beach house to entertain her family and friends.
September 15, 2009