Bennett Funding Group
The Bennett Funding Group was a leasing & funding company 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.
From the
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 an alleged fraudulent 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.
Background
Bennett Funding Group was a finance company that leased office equipment, such as
The SEC filed civil charges against the company in March 1996. On December 13, 2004, the SEC civil action against Patrick R. Bennett was closed based on a final consent agreement between Patrick R. Bennett and the SEC, without Patrick R. Bennett admitting any wrongdoing and without any financial judgment against Patrick R. Bennett.[1]
Funds from the company were invested in such things as the
On February 25, 2008, the
Eleven people involved in the alleged fraud faced criminal charges. Nine pled guilty, including Michael Bennett, one was found innocent, and one, Patrick Bennett, was convicted. Patrick R Bennett's first
In April 2000, Patrick R. Bennett was sentenced to 30 years in federal prison (later reduced to 22 years) under the mandatory federal sentencing guidelines. Edmund and Kathleen Bennett were not charged.[10]
On January 12, 2015 the criminal forfeiture liability against Patrick R. Bennett was discharged in a federal bankruptcy case.[11]
References
- ^ SEC v. The Bennett Funding Group, Inc., Patrick R. Bennett, et el., Bankruptcy Case No. 96 Civ 2237 (JES)(SDNY)[1]
- ^ 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
- ^ The Unraveling of a Safe Bet Washington Post August 10, 1996
- ^ Bennett Funding Bankruptcy Finally Over syracuse.com June 27, 2009[4]
- ^ In Re Bennett Funding Group., Inc., Bankruptcy Case No. 96-61376 (SDG)(NDNY)[2]
- ^ In Re Bennett Funding Group., Inc., Bankruptcy Case No. 96-61376 (SDG)(NDNY)[3]
- ^ United States v. Bennett, Criminal Case No. 97-CR-639 (PAC)(SDNY)
- ^ United States v. Bennett, Criminal Case No. 97-CR-639 (PAC)(SDNY)
- ^ United States v. Bennett, Criminal Case No. 97-CR-639 (PAC)(SDNY)
- ^ In Re Patrick R. Bennett, Bankruptcy Case No. 14-70065 (JAD) (WDPa.)