Bank Executive Blasted for Beachfront Foreclosure Parties

A Wells Fargo executive involved in foreclosures has reportedly been using a foreclosed Malibu, California, estate for personal parties on the weekends.
September 14, 2009, 6am PDT | Nate Berg
Share Tweet LinkedIn Email Comments

The home had been repossessed by the bank when the couple who owned it had their fortune devastated by the collapse of Bernard Madoff's Ponzi scheme. The bank had also been refusing to show the property to prospective buyers.

"[S]ome neighbors say the real shocker came when they saw one of the bank's top executives spending weekends in the $12-million beach house and hosting eye-catching parties there. What's more, Wells Fargo spurned offers to show the property to prospective buyers, a real estate agent said.

'It's outrageous to take over a property like that, not make it available and then put someone from the bank in it,' said Phillip Roman, an 18-year Colony resident who lives a few homes away from the property.

Residents identified the house's occupant as Cheronda Guyton, a Wells Fargo senior vice president who is responsible for foreclosed commercial properties."

Full Story:
Published on Friday, September 11, 2009 in Los Angeles Times
Share Tweet LinkedIn Email