Credit unions likely to recover funds invested with Bentley Financial Services

PHILADELPHIA – More than 200 investors including a number of credit unions and banks are expected to recover $368 million invested in Bentley Financial Services, a firm shut down last October by the SEC for selling uninsured investments. The SEC alleges that Robert L. Bentley’s firm claimed the investments were government-insured bank certificates of deposit. Lawyers for the court-appointed receiver David Marion have identified nearly $350 million in cash and investments and later this month, a federal judge will be asked to approve partial payments for investors. The additional $18 million in funds are likely to come partly as a result of suing Robert Bentley’s accountant and brokerages his firm did business with in Florida and Texas. The SEC suit alleges that those firms failed to stop Bentley from committing securities fraud. Kentucky Employees Credit Union, Sun East Federal Credit Union and Edge Moor (Del.) DuPont Employees Federal Credit Union are among the investors expected to recover funds.