CEO files to sell shares worth $1.2 million

Monday, June 3, 2002 | 11:15 a.m.

Vestin Group Inc. of Las Vegas said Friday that Mike Shustek, the commercial mortgage company's chairman and chief executive, has filed for the possible sale of 150,000 shares, or 2.7 percent, of the company's common stock.

In early trading today, Vestin was selling for $8.23 a share, giving the shares proposed for sale a value of just over $1.2 million.

The stock was down 7 percent this morning from Friday's close of $8.88 a share.

Shustek, who with 59 percent of Vestin's outstanding common stock is the largest individual shareholder in the company, said he still believes in Vestin's business model, and would sell the shares to diversify his portfolio.

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