Joint Statement from Vestin Realty Mortgage I, Inc. and Vestin Realty Mortgage II, Inc. Regarding SEC Action
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.
- The companies maintain a focus on real estate-secured loans, a stable investment strategy.
- Michael V. Shustek's intention to vigorously defend the lawsuit may reflect confidence.
- The SEC lawsuit presents potential legal and financial uncertainties for both companies.
- Allegations of self-beneficial transactions could damage reputation and investor trust.
LAS VEGAS, Aug. 4, 2021 /PRNewswire/ -- On July 29, 2021, the Securities and Exchange Commission (SEC) filed a civil lawsuit against Michael V. Shustek and his advisory firm Vestin Mortgage LLC, alleging among other things that he engaged in transactions to benefit himself and The Parking REIT at the expense of Vestin Realty Mortgage I and Vestin Realty Mortgage II, companies of which Mr. Shustek is CEO and a substantial owner (Case 2-21-civ-01416-JCM-BNW, U.S. District Court, District of Nevada). The SEC seeks disgorgement, injunctions, and bars against Mr. Shustek, and related penalties. Mr. Shustek intends to vigorously defend the lawsuit.
About Vestin Realty Mortgage I, Inc.
Vestin Realty Mortgage I, Inc., formerly Vestin Fund I, LLC, invests in loans secured by real estate through deeds of trust or mortgages and as defined in our management agreement as mortgage assets. In addition, we invest in, acquire, manage, or sell real property and acquire entities involved in the ownership or management of real property. We commenced operations in June 2001. Vestin Realty Mortgage I, Inc. is traded on the OTC pink sheets under the symbol "VRTA" and headquartered in Las Vegas, Nevada. For additional information regarding Vestin Realty Mortgage I, please visit www.vestinrealtymortgage1.com.
About Vestin Realty Mortgage II, Inc.
Vestin Realty Mortgage II, Inc., formerly Vestin Fund II, LLC, invests in loans secured by real estate through deeds of trust or mortgages and as defined in our management agreement as mortgage assets. In addition, we invest in, acquire, manage or sell real property and acquire entities involved in the ownership or management of real property. We commenced operations in June 2001. Vestin Realty Mortgage II, Inc. is traded on the OTC pink sheets under the symbol "VRTB," with headquarters located in Las Vegas, Nevada. For additional information regarding Vestin Realty Mortgage II, please visit www.vestinrealtymortgage2.com.
Contacts | |
Julie Leber | Damon Elder |
Spotlight Marketing Communications | Spotlight Marketing Communications |
949.427.1391 | 949.427.1377 |
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SOURCE Vestin Realty Mortgage I, Inc. and Vestin Realty Mortgage II, Inc.
FAQ
What are the allegations against Michael V. Shustek and Vestin Mortgage LLC?
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