Wells Fargo exec used Malibu Colony home lost by Madoff-duped couple, neighbors say

A top bank executive was seen spending weekends and hosting parties in the $12-million beach house. The bank says it will 'conduct a thorough investigation of the allegations' by neighbors. Bernard L. Madoff's massive fraud stunned some of the wealthy denizens of Malibu Colony, especially when a couple devastated by the scheme surrendered their oceanfront home to Wells Fargo Bank.

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