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Bank Executive Blasted for Beachfront Foreclosure Parties

Posted by: Nate Berg

14 September 2009 - 6:00am

A Wells Fargo executive involved in foreclosures has reportedly been using a foreclosed Malibu, California, estate for personal parties on the weekends.

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: Wells Fargo exec used Malibu Colony home lost by Madoff-duped couple, neighbors say
Source: Los Angeles Times, September 11, 2009
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