Bennett Funding Group
The Bennett Funding Group were the perpetrators of the second largest Ponzi scheme in U.S. history. The leasing & funding company was based in Syracuse, New York. BFG operated under the Bennett Receivables Corporation, Bennett Receivables Corporation II, Bennett Management and Development Corporation, The Processing Center, Inc., Resort Service Company, Inc., American Marine International, Ltd., Aloha Leasing, and Aloha Capital Corporation brands.
On March 28, 1996, the SEC filed a civil action against The Bennett Funding Group, Inc., its chief financial officer, Patrick R. Bennett, and other companies Bennett controlled, in connection with a massive Ponzi scheme. The SEC alleged that the defendants fraudulently raised more than several hundred million dollars, purportedly to purchase assignments of equipment leases and promissory notes.
On March 29, 1996, the four corporate defendants filed for protection under Chapter 11 of the Bankruptcy Code. On April 18, 1996, the Bankruptcy Court of the Northern District of New York appointed Richard C. Breeden as Trustee. The Trustee has distributed approximately $353 million to general unsecured creditors and anticipates making another distribution.
- Bennett Funding Executive Charged With Ponzi Scheme Washington Post June 27, 1997
- Bennett risking a longer term unless he tells where money is The Baltimore Sun December 4, 1999
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