In a statement issued moments ago, Wells Fargo says it has fired an executive who had been under investigation for personal use of a bank-owned house in the exclusive Malibu Colony, California.

Cheronda Guyton, a Wells Fargo senior vice president responsible for foreclosed commercial properties, spent weekends in the foreclosed $12-18 million beachfront home at 106 Malibu Colony hosting outrageous private parties. The 3,800 square-foot house was seized by the bank after its owners, Lawrence and Linda Elins, reportedly lost their fortune to Bernie Madoff’s multi-billion-dollar Ponzi scheme.

Here’s an ABC7 news report on the scandal prior to Guyton’s dismissal:

Some photos of the Wells Fargo party palace:

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