NY judge orders prison for former Refco CEO
A judge has sentenced the former chief executive of Refco Inc to 16 years in prison for a financial cover-up that brought down one of the world's largest commodities brokerages.
By Agencies |
NEW YORK: A judge has sentenced the former chief executive of Refco Inc to 16 years in prison for a financial cover-up that brought down one of the world's largest commodities brokerages.
Phillip Bennett, a British citizen living in Gladstone, NJ, had previously pleaded guilty to conspiracy to commit securities fraud and other charges.
Refco went public in August 2005. It filed for bankruptcy just weeks later ��� after disclosing that a $430 million debt owed to Refco by a firm controlled by Bennett had been concealed. The disclosure caused Refco's stock value to plummet.
Phillip Bennett, a British citizen living in Gladstone, NJ, had previously pleaded guilty to conspiracy to commit securities fraud and other charges.
Refco went public in August 2005. It filed for bankruptcy just weeks later ��� after disclosing that a $430 million debt owed to Refco by a firm controlled by Bennett had been concealed. The disclosure caused Refco's stock value to plummet.
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