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Bank sues Las Vegas real estate lender over loans

By (contact)

Thursday, Sept. 17, 2009 | 2:02 p.m.

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Las Vegas real estate lender Jeff Guinn and his company Aspen Financial Services have been sued by City National Bank over allegedly defaulted loans.

Guinn and Aspen are already parties to several lawsuits that appear to be tied to Southern Nevada's economic downturn -- a recession that has left many developers unable to meet loan obligations.

Three sets of investors are suing Aspen, which pools investors' funds and loans them to developers.

The investors charge Aspen has failed to represent their interests and misled them as many of these loans moved into default since the recession set in the past few years. Aspen has denied these allegations.

Guinn and fellow investors are also suing the failed Community Bank of Nevada, charging it failed to come up with promised loan funding for a Henderson shopping center. The bank, in turn, has claimed Guinn and some of the investors defaulted on unrelated loans.

In the latest suit filed Tuesday in Clark County District Court, City National asserted breach of agreement claims against Aspen Financial Services, Aspen Bay Financial LLC, Jeff Guinn and Monica Guinn. The Guinns were sued individually and as trustees of the Jeff and Monica Guinn Family Trust and the Del Mar Trust.

An attorney for Jeff Guinn and Aspen Financial said Thursday that because this is pending litigation, as a general practice they would not offer any comment on the allegations.

City National says in the suit that Jeff and Monica Guinn borrowed $250,000 in July 2007 and that Aspen Financial borrowed $750,000 the same month.

The suit says both of these loans are in default and that the trusts that guaranteed the loans have failed to pay the money due.

Certain interest-only payments on the loans have made since the defaults on both in October 2008, but both loans remain delinquent, the suit says.

City National seeks damages that are unspecified but that are at least $60,000 in the six-count lawsuit alleging breach of the loan agreements, unjust enrichment and other claims.

"Defendants' unjust retention of the loan amounts due and owing violates fundamental principals of justice, equity and good conscience," City National charges in the suit filed on its behalf by attorneys with the law firm Snell & Wilmer LLP.

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