Wells Fargo fires SVP who used Madoff house to entertain

Wells Fargo fired Cheronda Guyton, an SVP handling commercial foreclosed properties, amid accusations that Guyton had been using a bank-owned Malibu beach house to party...

Wells Fargo fired Cheronda Guyton, an SVP handling commercial foreclosed properties, amid accusations that Guyton had been using a bank-owned Malibu beach house to party with family and friends. The property had been owned by Lawrence and Linda Elins, victims of Bernard Madoff's massive multibillion-dollar Ponzi scheme. The Los Angeles Times reports that as Wells Fargo conducted an investigation of the allegations over the weekend, other media outlets such as CNN had picked up on the story. Guyton's dismissal is a move to "contain a public relations mess," the newspaper asserts.

Wells Fargo issued a statement: "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."

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