Business briefs for June 10, 2003

Tuesday, June 10, 2003 | 11:23 a.m.

Construction executive sues, alleging identity theft

Anthony Marnell II, the owner of Las Vegas general contracting firm Marnell Corrao Associates Inc., sued Friday in Clark County District Court to stop a Las Vegas man from stealing his name and identity.

Vavio Ortega was accused of representing himself as Anthony Marnell II, or as Tony Marnell, owner of Marnell Corrao and former owner of The Rio hotel-casino, to obtain "credit and personal favors from individuals who otherwise would not provide ... credit or personal favors to Ortega."

Joe Rolston, Marnell Corrao's general counsel and corporate secretary, said he couldn't comment on Ortega's alleged motivation.

"Marnell regrets having to pursue this course of action. However, he strongly believes that the unauthorized use of someone's identity for personal gain must be dealt with swiftly to avoid damage to that person's reputation," he said.

The defendant could not be reached for comment.

New mortgages move with borrower

SAN FRANCISCO -- Online financial services rebel E-Trade Group Inc. tweaked the mortgage market Monday, offering fixed-rate loans that borrowers can take with them as they move.

The portable mortgages are designed to appeal to people who want to lock in their monthly payments at today's low interest rates, even if they sell their home and buy a new one before the end of the typical loan's 30-year duration.