Desert Capital Real Estate Investment Trust subpoenaed by SEC
A beleaguered hard-money lender in Henderson has disclosed that the Securities and Exchange Commission served it with a subpoena for information about payments it made to an affiliate. Desert Capital Real Estate Investment Trust made the disclosure Monday in its third-quarter report to the SEC. The report said: "In October 2010, we received a subpoena from the Securities and Exchange Commission requesting certain information pertaining to payments and transactions with our related party, CM Capital." Todd Parriott, CEO of Desert Capital and CM Capital, on Wednesday said the subpoena was a routine inquiry but said it was the first Desert Capital has received since it was founded six years ago.