Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
D.C.
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Mass.
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
N.Carolina
N.Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
S.Carolina
S.Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
W.Virginia
Wisconsin
Wyoming
Law Firm Website Design Companies : The Good, The Bad, and The Ugly


Refco's former chairman and chief executive, Phillip R. Bennett, pleaded guilty to fraud, conspiracy and money laundering, among other charges, in a scheme that cost investors at least $2.4 billion.

Bennett's plea yesterday came a month before he was scheduled to go on trial in New York on charges of deceiving banks, auditors and investors, including the buyout firm Thomas H. Lee Partners, during an eight-year accounting fraud.

Two colleagues, former Refco finance chief Robert C. Trosten and former president Tone Grant, still face a March 17 trial.

Under federal sentencing guidelines, Bennett faces life imprisonment with a maximum penalty of 315 years covering all 20 counts as well as forfeiture of $2.4 billion, prosecutors said.

Bennett, whose lawyer said he has $20 million in assets, is scheduled to be sentenced May 20.

After increasing bail, the judge rejected a request by prosecutors to take Bennett into custody immediately.

"I take full responsibility for my conduct," Bennett, 59, told U.S. District Judge Naomi R. Buchwald in Manhattan federal court. "I wish to publicly apologize to my family and to all those I've harmed."

Refco, once the biggest independent U.S. futures trader, collapsed in October 2005, two months after its initial public offering.

The New York firm, which also provided brokerage services, filed for bankruptcy protection days after disclosing that a Bennett-controlled firm owed hundreds of millions of dollars to Refco.


The roots of the case stretch back to 1997, when Refco began hiding massive losses sustained by clients in the Asian debt crisis.

According to the indictment, the company hid the scam from Thomas H. Lee, which paid $507 million for a 57 percent stake in Refco in 2004; from banks and debt holders that extended more than $1.4 billion in financing in 2004; and from investors who paid $583 million for shares when Refco went public.


Legal News | Breaking News | Terms & Conditions | Privacy

ⓒ Breaking Legal News. All Rights Reserved.

The content contained on the web site has been prepared by BLN as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case. Law Firm Website Design by Law Promo
   More Legal News
   Legal Spotlight
   Exclusive Commentaries
   Attorney & Blog - Blog Watch
   Law Firm News  1  2  3  4  5  6 
   Lawyer & Law Firm Links
San Francisco Trademark Lawyer
San Francisco Copyright Lawyer
www.onulawfirm.com
Philadelphia Employment Lawyer
Attorney Marc E. Weinstein
www.meweinsteinlaw.com
Indiana Medical Malpractice Attorneys
Indianapolis Medical Malpractice
www.rwp-law.com
Canton Criminal Lawyer
Canton DUI lawyer
www.cantoncriminalattorney.com
Downtown Manhattan Business Law Attorneys
Business Fraud Lawyers
www.woodslaw.com
Chicago Business Law Attorney
Corporate Litigation Attorneys
www.rothlawgroup.com
Surry County Criminal Defense Lawyers
Yadkin County Family Law Attorneys
www.dirussolaw.com
Oregon DUI Law Attorney
Eugene DUI Lawyer. Criminal Defense Law
www.mjmlawoffice.com
Houston Car Accident Attorneys
Wrongful Death Attorneys Houston
Houston Wrongful Death
New Rochelle Accidents Attorneys
New Rochelle Personal Injury
www.kboattorneys.com
New York Adoption Lawyers
New York Foster Care Lawyers
Adoption Pre-Certification
www.lawrsm.com
Chicago, DuPage IL Workers' Compensation Lawyers
Chicago Workplace Injury Attorneys
www.krol-law.com
St. Louis Missouri Criminal Defense Lawyer
St. Charles DUI Attorney
www.lynchlawonline.com
Santa Ana Workers' Compensation Lawyers
www.gentryashtonlaw.com
Eugene Bankruptcy Attorney
Bankruptcy Attorney Eugene
willamettevalleybankruptcy.com
Lorain Elyria Divorce Lawyer
www.loraindivorceattorney.com
Connecticut Special Education Lawyer
www.fortelawgroup.com
   More Legal News  1  2  3  4  5  6
   Legal News Links
  Click The Law
  Daily Bar News
  The Legal Voice
  The Legal Report
  Legal News Post
  Crisis Legal News
  Legal News Journal
  Law Firm Marketing
  Attorney Web Design
  Immigration Law Web Design
  Law Firm Directory