Foreclosed Malibu Home Used for Parties by Top Bank Exec
By: Sarah Greenleaf, PR Intern | September 11, 2009
(Photo courtesy 106 Malibu Colony)
Losing your home to foreclosure is bad enough, but to lose it because you were a victim of Bernie Madoff’s Ponzi scheme and then to learn a top bank executive is allegedly using it as a party house?
Harsh.
The Los Angeles Times reported this morning that Cheronda Guyton, a Wells Fargo senior vice president, was spending weekends throwing lavish parties in the home, located at 106 Malibu Colony Rd, Malibu, CA. Ironically, Guyton’s job is dealing with foreclosed commercial properties.
Neighbors in the Malibu, CA community and local Realtors were initially baffled by the bank’s unwillingness to put the home on the market. It was a neighbor who noticed Guyton throwing a party and did a little detective work. The Los Angeles Times reports, “Residents of the gated Malibu Colony said they obtained Guyton’s name from the community’s guards, who had issued her a homeowner’s parking pass.”
Malibu Colony occupies almost a mile of beach-front property in the heart of Malibu. Its residents include actor Tom Hanks, former Univision Chairman A. Jerrold Perenchio, and high-profile investment banker Michael E. Tennenbaum.
This is bad timing for the bank. The WSJ reports, “Banks like Wells are taking heat for failing to modify troubled mortgages quickly enough as part of the Obama administration’s $75 billion foreclosure prevention plan.”
It looks like a heck of a party house.
- Stumble it!
- Categories: Foreclosures, Real Estate Oddities
Comments
4 Comments so far
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Douchka Nikolic on September 11, 2009 8:20 pm
I almost lost my home because Wells Fargo took their time modifying my loan (I had cancer, and mounts of medical bills) and then you hear stories like this one where their VPs are entertaining on foreclosed properties. It’s enough to make me vomit. No wonder this country is in such bad shape.
I wish I could have changed banks, but then they are all the same.
Eugene on September 12, 2009 12:46 pm
Cheronda Guyton should be imprisoned for fraud, and barred for life from ever serving as an executive in a public corporation.
If they don’t immediately fire and prosecute this criminal then Wells Fargo is a despicable bank that represents the ugliest side of human nature.
I also believe that Obama should make Wells Fargo an example of the greed that Bernard Madoff represents. What a disgusting bank, paying criminals a king’s ransom salary to use a federally insured bank to commit fraud!
What a fool Cheronda Guyton made of Wells Fargo and its pathetic board of directors who are too busy golfing to oversee their employees.
Malibu Foreclosed Home Used by Bank VP as Party House on September 13, 2009 10:10 am
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JimC on September 14, 2009 11:04 am
I sympathize with those folks who lost their home.
And in a major coincidence of life imitating art, this funny mortgage video about a very similar situation was posted on YouTube about two weeks prior to this Malibu story.
http://www.youtube.com/watch?v=ZoPUDbqs5zc
Freaky timing.