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NCUA recommends CUs provide Bentley receiver with info on inflated Cds

ALEXANDRIA, Va. - NCUA is urging credit unions to contact the appointed receiver for Bentley Financial Services and Entrust Group regarding certificates of deposit (CDs) from the firm, which has been charged with fraud by the Securities and Exchange Commission (SEC). The SEC has charged Bentley with selling securities misrepresented...

By Staff Writer | Updated on January 15, 2002

<p>ALEXANDRIA, Va. – NCUA is urging credit unions to contact the appointed receiver for Bentley Financial Services and Entrust Group regarding certificates of deposit (CDs) from the firm, which has been charged with fraud by the Securities and Exchange Commission (SEC). The SEC has charged Bentley with selling securities misrepresented as insured CDs and that the interest rates and maturity dates “varied substantially” from the underlying CDs, according to NCUA’s Letter to Federal Credit Unions (01-CU-23). Entrust served as custodian for the CDs. Bentley’s client list included several credit unions, NCUA wrote. No claims procedures or filings deadline have been established yet, but that information will be posted at www.bfscorp.net when it becomes available. In a letter to Bentley customers from Receiver David Marion, he wrote, “We are continuing to work to safeguard and preserve the assets and to ensure that all assets are found and protected and no assets are lost.” In the meantime, NCUA recommended that credit unions with investments in Bentley or Entrust should send photocopies of any related documentation to the receiver David H. Marion; Bentley Financial Services Inc.; P.O. Box 22473; Philadelphia, Pa. 19110-2473 or contact Marion at (215) 772-7434 for information about their funds.</p>

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