PHILADELPHIA – Credit unions and banks that lost investments with Bentley Financial Services can expect to get a second payment of their funds over the next 60 days. Philadelphia attorney Frank Mayer who was appointed receiver of the now defunct CD brokerage, is requesting permission from the federal court to pay the approximate 200 victims of the scheme, including 120 credit unions, a distribution of $60 million from the remaining funds in the receivership, the biggest ever appointed by the Securities and Exchange Commission. Added to the $220 million already distributed to victims in March, the latest payout will mean the financial institutions will have received about 75% back of the principal on their CD investments with Bentley.

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

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

  • Critical 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 and

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 and

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

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