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Former CEO Gets 16 Years

Mike

Well-known member
July 3, 2008

Fox News

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, N.J., 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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