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On October 20, 2021, Vestin Realty Mortgage I, Inc. (OTC: VRTA) reported results from its 2021 Annual Meeting of Stockholders. Approximately 72.63% of shares were voted, totaling 630,671 out of 868,318 shares outstanding. Michael V. Shustek was elected as a director with 92.45% approval. A proposed 1-for-100 reverse stock split received 92.41% support, while an amendment to expand investment policies was favored by 92.55% of voters. The company invests primarily in real estate secured loans and has been operational since June 2001.
On July 29, 2021, the SEC filed a civil lawsuit against Michael V. Shustek and Vestin Mortgage LLC, alleging self-beneficial transactions impacting Vestin Realty Mortgage I and Vestin Realty Mortgage II. The SEC seeks disgorgement, injunctions, and bars against Shustek. He plans to vigorously defend against these charges. Vestin Realty Mortgage I and II focus on real estate-secured loans and operate under the symbols VRTA and VRTB, respectively.
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