Former Refco CEO sentenced
The former chief executive of Refco Inc., blamed for the collapse of one of the world’s largest commodities brokerages, was sentenced to 16 years in prison by a judge who decried the “staggeringly arrogant” greed of white-collar criminals.
Phillip Bennett, 59, a British citizen living in Gladstone, N.J., had previously pleaded guilty to conspiracy to commit securities fraud and other charges for the eight-year fraud.
U.S. District Judge Naomi Reice Buchwald in Manhattan said the 20 separate crimes Bennett admitted he had committed and the $1.5 billion in losses he had caused were enough to explain her ruling.
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