Wells Terminates REO Party Host

The Wells Fargo executive who triggered headlines nationwide for having hosted parties at a bank-owned beachfront property in Malibu, Calif., has been fired, the bank says. The executive, identified by media outlets as Cheronda Guyton, a senior vice president of commercial foreclosed properties, was terminated following a Wells Fargo internal investigation.

Wells Fargo took possession of the property, located on Malibu Colony Dr., 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, "Our investigation concluded a single team member was responsible for violating our company policies. As a result, employment of this individual has been terminated."

The statement also expressed regret that the REO parties happened, as such activities "do not reflect the conduct we expected 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."

SOURCE: Wells Fargo

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