Benjamin Franklin Cook and Dennel Financial Limited
On March 16, 1999, the SEC obtained temporary restraining orders against Benjamin Franklin Cook and his company, Dennel Finance Ltd. and others in connection with a Ponzi scheme involving the fraudulent offer and sale of nonexistent "prime bank" securities. The Court froze the assets of the defendants and relief defendants. For more information about the SEC's action, you can read several litigation releases: 16089 (March 17, 1999), 16341 (October 25, 1999), 16538 (May 4, 2000), and 16849 (January 2, 2001).
The Court also appointed Lawrence J. Warfield as receiver to collect the assets of the defendants and relief defendants for the benefit of investors. The receiver has
so far paid out approximately $13 million to investors. He anticipates
making an interim distribution in the amount of $1.8 million by year end and a
smaller final distribution in the second quarter of 2005. For more
information, you can visit
the Receiver's website.
Modified: 03/12/2001 09/01/2004