MALIBU, Calif. (AP)  Wells Fargo has fired an executive who reportedly partied and stayed at a bank-owned $12 million beach house in the exclusive Malibu Colony.

Bank spokeswoman Jennifer Langan on Monday confirmed the employee was Cheronda Guyton, a senior vice president. The bank says the executive violated company policy.

LA TIMES: Guyton had parking pass

The previous homeowners turned over the 3,800-square-foot house to the bank in May. Their real estate agent says they were financially devastated by Bernard Madoff's fraud scheme.

Langan says the home was not foreclosed and the bank agreed not to immediately sell it.

Neighbors told the Los Angeles Times they saw Guyton's family at the house and that it was used for at least one party where guests were ferried from a yacht.

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