Wells Fargo: Executive May or May not be Squatting in a $12 Million Dollar Beach House

by Alex Stenback on September 11, 2009

Update: Fired.

In a story so perfecly composed of elements sure to enrage that it almost has to be a hoax, the LA Times Reports that a senior Wells Fargo Executive in charge of foreclosures has been squatting in a 12 Million dollar California beach house that - get this – was surrendered to Wells Fargo by victims of the Bernie Madoff ponzi scheme:

“Colony residents said the woman they believe to be [Cheronda] Guyton, along with her husband and two children, took up occupancy in home No. 106 in Malibu Colony shortly after Lawrence Elins turned it over to Wells Fargo Bank on May 13.

The residents said the family spent long weekends at the home and had guests over, including a large party the last weekend of August that featured a waterborne arrival.

“A yacht pulled up offshore, with one of those inflatable dinghies to take people back and forth to the shore,” said Roman’s wife, Elaine Johnson. “About 20 people got taken over in the dinghy.”

Malibu Colony employees who were not authorized to speak publicly said the community association at the start of the summer had issued Guyton a parking permit of the type given to Colony homeowners.

Residents also gave The Times the license plate number of a 2007 Volvo sport-utility vehicle that they say they had seen parked in the garage at No. 106. A check of motor vehicle license plates conducted by The Times found that vehicle to be registered to Guyton.

Wells Fargo, to this point has been very hush-hush about the whole thing, stating we “don’t discuss specific team member situations/issues for privacy reasons.” But the bank said it would “conduct a thorough investigation of the allegations” by neighbors.

I bet they will. 

The only way the story could get any worse for Wells Fargo (or Mrs. Guyton, for that matter, who will surely set a land speed record to the unemployment line) is if she was somehow comandeering a private jet to take her back and forth.

Lots of pictures of the property in question here, in case you want to see how the other half lives.

Wells Fargo exec used Malibu Colony home lost by Madoff-duped couple [LA Times]

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