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Lender hires new auditor

Thursday, Feb. 5, 2004 | 11:06 a.m.

Vestin Group Inc., a Las Vegas commercial lender, said Wednesday it named the Walnut, Calif., accounting firm Moore, Stephens, Wurth, Frazer & Torbet LLP as auditor.

The firm succeeds Ernst & Young LLP. Vestin disclosed Wednesday that Ernst & Young has chosen not to seek re-election as Vestin's auditor.

Vestin said Ernst & Young will complete the company's 2003 audit. It also said there have been no disagreements between Vestin and Ernst & Young and that the auditor had not included any adverse opinions or qualified any of Vestin's financial statements.

Vestin also said it will continue its effort to "rightsize" the company, but a company spokesman declined to detail what cost-cutting measures that plan will include.

Last month, Vestin, which had about 80 employees, announced that it laid off about a dozen workers. The company said no additional layoffs are planned.

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