Post by xtra on Sept 12, 2009 16:29:21 GMT -6
L.A. Times: A Wells Fargo & Co. executive who oversees foreclosed properties hosted parties and spent long summer weekends in a $12 million Malibu beach house, moving into the home...
Wells Fargo exec parties on -- in a foreclosed Malibu beach house
This from AP, via the L.A. Times:
A Wells Fargo & Co. executive who oversees foreclosed properties hosted parties and spent long summer weekends in a $12 million Malibu beach house, moving into the home just after it had been surrendered to Wells Fargo to satisfy debts, neighbors said.
Real estate agent Irene Dazzan-Palmer said a couple, ruined in the Bernard Madoff fraud, signed the property over to Wells Fargo last spring, and the bank subsequently denied requests to show the house to prospective buyers.
It appears that Cheronda Guyton, a Wells Fargo senior vice president responsible for foreclosed commercial properties, took up residence in the property.
Residents said Guyton, along with her husband and two children, often hosted guests at the home, including a large party the last weekend of August.
Wells Fargo said in a written statement that it would conduct a thorough investigation of the allegations by neighbors, but said it wouldn't "discuss specific team member situations/issues for privacy reasons."
AP story here.
L.A.Times story here.
Posted By: Andrew S Ross (Email) | September 11 2009 at 09:44 AM
Listed Under: Banks
Wells Fargo exec parties on -- in a foreclosed Malibu beach house
www.sfgate.com/cgi-bin/blogs/bottomline/detail?blogid=56&entry_id=47353
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The Malibu party house: Wells Fargo responds
Just received this release from Wells Fargo.
WELLS FARGO CONTINUES INVESTIGATION OF MALIBU BANK-OWNED PROPERTY
Company policies clearly prohibit alleged activities
LOS ANGELES - Wells Fargo & Company (NYSE:WFC) said today that its internal policies, including those that govern team member conduct, prohibit personal use of properties held by Wells Fargo. Based on these operating principles, the company has launched a full internal investigation of allegations that a team member was improperly using a bank-owned residential property in Malibu, California.
Wells Fargo took possession of the property, located on Malibu Colony Drive, last May as part of a private agreement with the prior owner. Under the terms of the agreement with the owner, the property was withheld from the market for an agreed-upon period of time.
In a statement, the company said: "We are thoroughly investigating this situation and will take decisive action with respect to any team member who may have violated Wells Fargo's policies. The allegations certainly do not reflect the conduct we expect of our team members. We place the highest value on honesty, trust and integrity to guide our team members in making business decisions each day. We regret the disruption to the neighboring property owners since these allegations were made."
Read more: www.sfgate.com/cgi-bin/blogs/bottomline/index#ixzz0QvyGjAEt