Wells Fargo Exec Squats in Foreclosed Beach House

Owner of $12M spread was Madoff victim
By Kevin Spak,  Newser Staff
Posted Sep 12, 2009 8:51 AM CDT
In this May 4, 2009 file photo, a Wells Fargo Bank in Palo Alto, Calif. is shown.   (AP Photo/Paul Sakuma, file)
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(Newser) – Wells Fargo has tried to distance itself from an executive who allegedly hung out in a bank-owned $12 million beach house, promising “decisive action” against any employee “who may have violated Wells Fargo’s policies.” Cheronda Guyton, the senior VP in charge of foreclosed commercial properties, allegedly spent weekends with her family and threw several parties at the Malibu mansion, which was formerly owned by a Madoff victim, the LA Times reports.

“I almost fell out of my chair” when reading the allegations, said one PR specialist. “That these folks could think this would not somehow become public astonishes me.” Wells Fargo says its policies forbid employees to use foreclosed properties for their own purposes, and it apologized for any “disruption to the neighboring property owners.”