X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

TALLAHASSEE, Fla.-The Florida Credit Union League reported last week that it has uncovered ties between Mark Dern, the individual claiming in postcards to be looking to invest $5,000 with various credit unions nationwide, and the Florida Bankers Association. Both Dern and the Florida Bankers Association are represented by the law firm of Akerman Senterfitt. Dern Capital Management Corporation, which counts Dern and Alvin Dern as principals of the firm and has filed paperwork each year with the Secretary of State’s Division of Corporations, listing Leonard H. Bloom as the firm’s registered agent. Bloom is an attorney with Akerman Senterfitt with offices in most Florida cities and Washington, D.C. and boasts it is the “general counsel to the Florida Bankers Association,” according to the firm’s Web site. In May, 1,200 credit unions all the way out in Hawaii and Texas have received postcards from Dern requesting to purchase five-year, $5,000 share certificates. Calls from Credit Union Times to the number on the postcard and Dern Capital Management were not returned prior to deadline. CUNA has also reported that credit unions in Vermont and Michigan have received suspicious phone calls and mail about membership. Many in the credit union community believe this is a test of credit unions’ adherence to field of membership restrictions. Dern declined to comment previously to the Florida league about why he was involved in the postcard effort or why he did not just contact a Palm Beach County credit union. An investment advisor, who wished to remain anonymous said previously that he had advised Dern to make offers to try to become a member of credit unions that are more likely to go public. The advisor said he knows nothing of the “big coincidence” that Dern and the Florida Bankers Association use the same law firm. FCUL President and CEO Guy Hood questioned Dern’s motives. “It is obvious when reading Mr. Dern’s background and qualifications that he is a very sophisticated investor. We remain curious if Mr. Dern wants to join a credit union why he doesn’t simply inquire of the credit unions in Palm Beach County,” Hood said. Dern holds a juris doctorate from the University of Florida and has a BBA in Finance from the University of Texas at Austin, according to the biography on his Web site. [email protected]

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.