PHILADELPHIA — The remaining $32 million due to credit unions, banks, individual investors and others as a result of a certificate of deposit Ponzi scheme has been held up yet again by a new motion filed by the defendants.
In the case Marion v. TDI, Inc., et al, a federal jury returned a verdict for damages totaling more than $32 million. Court-appointed receiver David Marion initiated the TDI case in August 2002 to recover from certain financial institutions, brokerage firms, accounting firms and related individuals the losses suffered by Bentley Financial Services, Inc. which rendered it unable to pay monies contractually owed to investors/claimants. In 2001, the Securities and Exchange Commission filed a complaint against Bentley Financial and Entrust Group for selling supposed bank-issued, federally insured CDs that were actually uninsured securities. Hundreds of credit unions, banks and individuals invested more than $370 million with the defendants.
As of June 28, an appeal in the TDI case has been stayed by the Court of Appeals because of a new motion that was filed by the defendants in the District Court, according to the receiver. The stay will be continued until the District Court rules on that motion.
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Meanwhile, almost $340 million, which is approximately 91.4% of the total allowed claims, has been distributed to claimants, according to the receiver. Robert Bentley, who ran Bentley Financial pled guilty to two counts of wire fraud and one count of bank bribery, is currently serving five years in prison and was ordered to pay $3.25 million in fines.
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