Wells Fargo Executive Throws Parties in Bank-Owned Malibu Beach House

September 12, 2009

(ChattahBox) — Living it up while other people suffer is what has many ticked off with Wall Street and corporate America. People are losing their homes while banks are being subsidized by the government. Then you here about something like this reported first in the Los Angeles Times. Cheronda Guyton, a Wells Fargo senior executive is being accused of hosting parties and vacationing in a multi-million-dollar home, which was owned by his bank. The previous owners lost the home after being victims of Bernard Madoff Ponzi fraud, and the couple was forced to sign their home over to the Wells Fargo.

The foreclosed home in an exclusive gated Malibu Colony neighborhood is worth $12 million and neighbors are wondering why Wells Fargo never put it on the market. According to reports, prospective buyers requested to see the home and were denied. Neighbors recounted an evening when guests arriving for a party at the plush modern home were ferried on a dinghy from a yacht offshore. After seeing a woman frequenting the 3,800-square-foot, two-story home, the neighbors did some investigating of their own, getting Guyton’s name from a guard, and writing down her plate number, while her Volvo was parked in the garage.  Wells Fargo, seeking to distance itself from a company executive’s alleged personal use said Friday that it would “take decisive action” against any employee “who may have violated Wells Fargo’s policies.” The company reiterated that it had launched a full investigation into the allegations.


Comments

4 Responses to “Wells Fargo Executive Throws Parties in Bank-Owned Malibu Beach House”

  1. mel baez on September 12th, 2009 6:59 am

    shame on that person for throwing a party in a home that the owners lost in the madoff scandel.i say fire that person on the spot.

  2. Wells Fargo Executive Throws Parties in Bank-Owned Malibu Beach … « Blogging on September 12th, 2009 9:35 am

    […] Read the original here: Wells Fargo Executive Throws Parties in Bank-Owned Malibu Beach … […]

  3. John Cuneo on September 13th, 2009 2:17 pm

    This is amazing! What a coincidence. A couple months ago, we produced a comedy short about a mortgage banker who decides to use a house the bank partly owns. We did this well before this story broke.

    Take a look:

    http://www.youtube.com/watch?v=ZoPUDbqs5zc

  4. David Shedlock on September 21st, 2009 4:24 am

    “People are loosing their homes”

    Some might be losing their homes, but few are “loosing” them.

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