Vestin Group, a Las Vegas-based commercial mortgage fund manager and lender, has reported that it is the subject of an "informal inquiry" by the Pacific Regional Office of the Securities and Exchange Commission.The SEC has not given the reasons for the inquiry, which involves Vestin and its Vestin Fund I and Vestin Fund II, the company said. Mike Shustek, Vestin's chairman and chief executive officer, said in a prepared statement that Vestin has recently settled "an administrative issue" with the Nevada Mortgage Lending Division, which found that the company did not have any "direct administrative violations." He added that Vestin has "fully complied with SEC disclosure requirements" and is "cooperating fully with this informal inquiry."
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