Bank exec fired over Malibu party home

MALIBU, Calif. The Los Angeles Times reported Friday that after the homeowners lost money in the massive /*Bernard Madoff*/ fraud scheme and forfeited the house to Wells Fargo, neighbors saw one of the bank's employees spending weekends therewith her family.

The bank did not identify the fired employee by name. But neighbors told The Times that the banker who used the home was 39-year-old /*Cheronda Guyton*/, a Wells Fargo senior vice president responsible for foreclosed commercial properties.

The bank issued a statement saying its internal investigation "concluded a single team member was responsible for violating our company policies."

"As a result, employment of this individual has been terminated," the statement said. "We deeply regret the activities that have taken place as they do not reflect the conduct we expect of our team members. We continue to place the highest value on honesty, trust and integrity to guide our team members in making business decisions each day."

Wells Fargo took possession of the property, located in the gated Malibu Colony neighborhood, in May as part of an agreement with the prior homeowners. The agreement called for the home to be held off the market for a period of time.

Bank officials said the company's ethics code prohibits employees from making personal use of property that had been surrendered to satisfy debts.

In a statement last week, the bank apologized for "the disruption to the neighboring property owners since these allegations were made."

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