Sentinel bankruptcy trustee Frederick J. Grede says he has a very good idea what happened to the rest of the money that disappeared in the Sentinel scandal. “We think there are significantly more sources of recovery,” he says, including the Bank of New York and “the accountants,” and adds that there will be other lawsuits to recovery more of the Sentinel customer funds going forward.
In the two settlements with Philip Bloom and son Eric Bloom, Grede recovered $10.7 million of the missing $350 million, and released Philip Bloom, Eric Bloom, their trusts and Sybille Bloom, Philip’s wife, against any pending or future lawsuits from the creditors.
