Bank Exec Accused of Just Moving Into $12M Beach Home Loses Her Job

A senior vice president responsible for commercial foreclosures at Wells Fargo & Co. has lost her job after being accused of making personal use of a $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 she 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.

Earlier coverage:

ABAJournal.com: "After Owners Lost $12M Beach Home, Bank Exec Just Moved In, Neighbors Say"