<p>ALEXANDRIA, Va. – NCUA is urging credit unions to contact the appointed receiver for Bentley Financial Services and Entrust Group regarding certificates of deposit (CDs) from the firm, which has been charged with fraud by the Securities and Exchange Commission (SEC). The SEC has charged Bentley with selling securities misrepresented as insured CDs and that the interest rates and maturity dates “varied substantially” from the underlying CDs, according to NCUA’s Letter to Federal Credit Unions (01-CU-23). Entrust served as custodian for the CDs. Bentley’s client list included several credit unions, NCUA wrote. No claims procedures or filings deadline have been established yet, but that information will be posted at www.bfscorp.net when it becomes available. In a letter to Bentley customers from Receiver David Marion, he wrote, “We are continuing to work to safeguard and preserve the assets and to ensure that all assets are found and protected and no assets are lost.” In the meantime, NCUA recommended that credit unions with investments in Bentley or Entrust should send photocopies of any related documentation to the receiver David H. Marion; Bentley Financial Services Inc.; P.O. Box 22473; Philadelphia, Pa. 19110-2473 or contact Marion at (215) 772-7434 for information about their funds.</p>

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2022 ALM Global, LLC. All Rights Reserved.