PHILADELPHIA — Investors involved in the Bentley Financial Services certificate of deposit Ponzi scheme could receive their share of the final $32 million in early 2008 after the U.S. Third Circuit Court recently issued an order to speed up the appeals process.
Hundreds of credit unions, banks and individuals invested more than $370 million with Bentley. Since then, Peninsula Bank, Joseph Marzouca and Ted Benghiat, Southeastern Securities, Inc. and SFG Financial Services, Inc. have also been named as defendants. 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.
On Oct. 23, the Third Circuit issued an order that requires a series of briefs and replies to the appeals. The first brief is due on Dec. 3. If there are no further delays, David Marion, the court-appointed receiver handling the disbursements, will file a final submission on Feb. 15, 2008, after which the Third Circuit will require oral argument.
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As of Sept. 30, the receiver has distributed nearly $339 million to claimants. Approximately $32 million is still due.
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