PHILADELPHIA -- The court-appointed receiver involved in thedistribution of more than $339 million to those who were impactedin the Bentley Financial Services certificate of deposit Ponzischeme provided an update yesterday on the case.

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Bentley was charged with selling supposed bank-issued, federallyinsured CDs that were actually uninsured securities. Hundreds ofcredit unions, banks and individuals invested more than $370million. Since then, Peninsula Bank, Joseph Marzouca and TedBenghiat, Southeastern Securities, Inc. and SFG Financial Services,Inc. have been named as defendants. Robert Bentley, who ran BentleyFinancial, pled guilty to two counts of wire fraud and one count ofbank bribery, is currently serving five years in prison.

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David Marion, the court-appointed receiver, said appeals, crossappeals, and the first round of briefs have been filed in the U. S.Court of Appeals for the Third Circuit. Barring any further delays,the briefing will be completed in the coming months, followed byoral argument and finally, a decision from the Court ofAppeals.

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The receiver said it can still go after Peninsula Bank, whichhad more than $683 million in assets as of July 30, 2007. Thereceiver is also pursuing an insurance company and another bankwith ties to Bentley.

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As of Dec. 31, nearly $340 million has been returned toclaimants.

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