Wells Fargo Exec Reportedly Claimed Foreclosed Mansion as Her Own
According to an article on Yahoo! Finance (link below), a high-ranking executive at Wells Fargo & Co. temporarily moved into a foreclosed Malibu beach house worth $12 million dollars, using it to throw lavish parties and entertain guests.
Cheronda Guyton, who is a "Wells Fargo senior vice president responsible for foreclosed commercial properties", apparently claimed the home as her own shortly after the previous owners had moved out.
Ok, this is reprehensible enough as it is. However, the story gets even worse.
The previous owners of the home were said to be "financially devastated" by the multi-billion dollar fraud that was perpetuated by Bernard Madoff, and needed to give up the home in order to satisfy debts.
According to the article, the bank agreed not to immediately list the property at the request of the previous owners.
Guyton apparently saw this as a great opportunity for her and her family to live the high life for the summer, presumably at zero cost (I'm assuming that she didn't cover the mortgage payments while she was using the mansion).
Guyton's presence at the foreclosed mansion this summer was confirmed by the fact that she had received a parking pass from the complex. In addition, Guyton's vehicle was reportedly spotted by the author of the article, and the plates were confirmed as belonging to her.
Wells Fargo has reportedly launched a "full investigation" of this matter, saying that any such infraction would be a breach of their internal policies.
I'm guessing that Ms. Guyton won't be an employee of Wells Fargo for too much longer. Hope that it was worth it..
Source: Yahoo! Finance - Neighbors: Exec. moved into bank-owned beach home
Filed under: General Market News