Las Vegas Sun

October 21, 2014

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Final ruling issued suspending Guinn’s mortgage broker’s license

CARSON CITY — A state hearing officer has issued a final ruling suspending the mortgage broker’s license of Jeffrey Guinn, son of the late Gov. Kenny Guinn, and finding his Aspen Financial Services company insolvent.

Hearing Officer Dean Gould said the Las Vegas company was in the hole by $8.6 million and “its continued operation posed an imminent risk to the public welfare and created an emergency situation” justifying the decision of the state Division of Mortgage Lending.

The division took the disciplinary action in April against Guinn and set a hearing on May 15 for him to contest the allegations.

Gould, a hearing officer in the state Department of Business and Industry, said neither Guinn nor his lawyer appeared at the scheduled hearing.

Guinn was issued a state license in 1995.

In April this year, Mortgage Lending Commissioner James Westrin said an audit in December found the Guinn company had a negative net worth of $790,180. In March, a $7.9 million court judgment was entered against the firm.

Westrin issued the suspension, directed that accounts be turned over to other qualified individuals and started the license revocation action.

Gould said in his decision that Guinn’s “failure to maintain safe financial conditions results in respondent (Guinn) not being able to continue in business with the safety of its customers.”

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