U.S. Securities & Exchange Commission
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U.S. Securities and Exchange Commission

The Bennett Funding Group, Inc.

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. For more information about the SEC's action, you can read several litigation releases: 14875 (April 15, 1996), 14991 (July 26, 1996), 15324 (April 10, 1997), and 15398 (June 26, 1997).

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. The Trustee will be making one final distribution in 2008.

If you have questions, you can contact the Bennett Bankruptcy Estate at 1-800-247-2846.