Wells Fargo & Co. on Monday said it fired an employee who had been accused of using a bank-owned home in the exclusive Malibu Colony for personal use.

The Times reported last week that Cheronda Guyton, a Wells Fargo senior vice president, had been seen using the beachfront home by neighbors after the bank acquired it from the former owners, Lawrence and Linda Elins.

A real estate agent for the Elins said the couple had been devastated by losses in the Bernard Madoff Ponzi scheme, and had been forced to sign over the property to Wells Fargo to help satisfy a larger debt.

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