A Statement in Regard to the Resolution of Securities and Exchange Commission v. Michael V. Shustek and Vestin Mortgage LLC

LAS VEGAS, Nov. 27, 2023 /PRNewswire/ -- Damon Elder, a spokesman for Michael V. Shustek, released the following statement today in regard to the recent resolution of Securities and Exchange Commission v. Michael V. Shustek and Vestin Mortgage LLC:

The SEC withdrew their false and totally unsupported claims that Mike Shustek and Vestin Mortgage LLC engaged in a $29 million fraud, admitting in court that "the Commission is withdrawing all scienter-based claims for relief" and dismissing those false claims. In order to end this costly litigation and move on with his life, Mr. Shustek agreed to a standard "no admission, no denial" settlement involving solely negligence-based claims that included a $300,000 fine, which was 1% of the SEC's original exaggerated demands, and no disgorgement. Mr. Shustek always relied on attorneys at nationally recognized law firms with decades of experience to prepare the SEC filings that were the focus of the SEC's allegations.

SOURCE Michael V. Shustek