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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.
Vestin Realty Mortgage II, Inc. (OTC: VRTB) reported results from its 2021 Annual Meeting of Stockholders, held on July 2, 2021, in Baltimore, where approximately 69% of shares were voted. A total of 797 votes were cast for the election of Michael V. Shustek as a director, with 100% approval. Additionally, about 92.44% supported an amendment to expand the company's investment policy. Shustek, who serves as CEO, holds 52.16% of the outstanding shares. These outcomes may influence future governance and investment strategies.
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