CUs Victimized by Bentley Financial Services to Get Additional Payout

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.