Tuesday, September 15, 2009

It Was Just Sitting There, Unused - Why Not Me?

Bank Exec Who 'Just Moved Into' Foreclosed $12M Beach Home Loses House and Job

Sep 14, 2009
By Martha Neil & Unidentified Blogger

A senior vice president responsible for commercial foreclosures at Wells Fargo & Co. has lost her job after being accused of making personal use of an $12 million bank-owned beachfront California home over the summer.

The owners of the Malibu Colony home had to turn it over to the bank after losing money in Bernard Madoff's record-breaking Ponzi scheme. Neighbors said Cheronda Guyton used the home over the summer, and reported that guests arrived by yacht at a party there. Wells Fargo said an internal investigation showed that Guyton violated bank policies and has been terminated, but didn't explain what the claimed violation was, according to the Los Angeles Times.

Guyton could not be reached by the newspaper for comment but said through a spokesperson that if she could be reached she had no comment. The spokesperson refused to identify herself through her own spokesperson, who identified herself as an employee of 'Rent a Spokesperson, Inc.,' which has no listed phone number but reportedly does business from a P.O. Box in Tijuana, Mexico.

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