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The Party's Over For Wells Fargo Exec
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CNBC Real Estate Reporter
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Source: 106malibucolony.com The previous owners of the Malibu, Calif., home, valued at $12 million, had to give up the house after losing all their money to Bernard Madoff. |
] Exec hanging out and partying down in a fancy foreclosure. Today - I heard back from Wells and it sounds like there is in fact some justice left in today's housing market:
LOS ANGELES, Sept. 14, 2009 – Wells Fargo & Company said today that its internal investigation into alleged team member misconduct at a bank-owned residential property in Malibu, Calif., has concluded and that the employment of the team member involved in the incident has been terminated for violation of the company’s policies.
Wells Fargo took possession of the property, located on Malibu Colony Drive, 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. 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.”
Wells Fargo & Company is a diversified financial services company with $1.3 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,000 stores and 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally.
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