State bank regulator to join mortgage firm

Tuesday, April 27, 1999 | 11:09 a.m.

Michael Shustek, owner of Del Mar, said Whiteaker will become vice president of compliance and regulation for the company. Del Mar was under intense state scrutiny earlier this year when allegations surfaced of misconduct, including concealing information from investors. The state and the business settled the matter with Shustek remaining in control and day-to-day operations being turned over to a vice president.

Whiteaker, who will join Del Mar on May 10, had 11 years of banking experience prior to his state service.

"We've always respected his work and his work ethic," Shustek said of Whiteaker. "Del Mar is taking another step toward following the state's order by hiring a quality compliance officer."

Scott Walshaw, commissioner of the Financial Institutions Division, said Whiteaker would be difficult to replace, but he understood why he would go to private enterprise.

"He had reached about has high as he could go here (in pay scale)," Walshaw said. "He had acquired skills that take years for people to learn."