Secured Capital Chairman Steps Down

Secured Capital Corp. co-founder and Chairman Stephen A. Roth has stepped down, the Los Angeles real estate investment banking firm announced.

Roth established the company in 1990 with D. Michael Van Konynenburg and Charles P. Toppino, fellow alumni of Drexel Burnham Lambert, the stock brokerage operated by onetime junk bond king Michael Milkin.

No new chairman has been named. Roth stepped down to pursue investments in Europe, Japan and other countries, the company said.

-- Roger Vincent