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November 29, 2009

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Vestin agrees to $5,000 fine for ad violations

Friday, Aug. 6, 2004 | 11:10 a.m.

Vestin Mortgage Inc., a big Las Vegas lender, has agreed to pay $5,000 to settle a Nevada Division of Mortgage Lending complaint over Vestin advertising.

The Mortgage Lending Division alleged that Vestin placed an advertisement that suggested that an investor would be guaranteed a specific rate of return or a specific rate of interest on the principal amount of money invested, which would be a violation of Nevada law.

The division also alleged that Vestin did not include its name, address and telephone number on all of its advertisements, a violation of Nevada regulations.

Vestin collects investments from individuals and then loans the funds to developers.

Vestin waived its right to an administrative hearing in an effort to resolve the dispute and agreed to pay $5,000 to cover the division's investigative and attorney's fees. As part of the settlement, Vestin agreed to comply with all advertising requirements in the future.

"We were pleased to have a discussion with the Mortgage Lending Division and come to an equitable agreement and settlement," Vestin spokesman Steve Stern said Thursday.

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