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The Party's Over For Wells Fargo Exec
CNBC.com | September 14, 2009 | 05:33 PM EDT

So I told you all last Friday about the Wells Fargo 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.”

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