Bennett Pleads Guilty in Refco Fraud Case

Discussion in 'Wall St. News' started by Alan Fein, Feb 16, 2008.

  1. Alan Fein

    Alan Fein

    Phillip Bennett, the former chief executive of Refco, was in a Manhattan courtroom Friday, Feb. 15th, 2008, crying like a baby before a Federal Judge where he entered a guilty plea for defrauding investors out of hundreds of millions of dollars in 2005 - caught and charged just one month after Refco completed its IPO.

    Now Bennett is to face sentencing on May 20th and faces 315 years behind bars - plus, the government wants Bennett to hand over $2.4 billion in assets as well. But here's the rub...

    Who's getting the money? I am the reporter who covered Bennett's court appearance Friday in New York. I wrote the story for But I am the business news editor for AXcess News' ( New York newsroom and I need your help.

    It is my understanding that nearly 17,000 accounts who traded through Refco USA were/may jilted... I am looking for forum members who remember the Phil Bennett scam from 2005 - and especially those who got the literal short of it all via losses in their account.

    I read posts here about how the media didn't pay attention. While I joined and made this post Saturday, Feb. 16th, 2008, to let all of you know "I'm listening" and want you to read the story on AXcess News and then email me your comments for a follow story we're publishing when PB gets to wear strips and live out his life at the "Governor's Mansion".

    Forum Admins attention! This post is a request to hear from Forum members who lost money, some, a lot, because of this one man's greed. Please permit this to remain online. It's a gray area: but a sincere public service request. I will surely mention the forum and quote some of the members' comments they email to me at

    Thank you and good luck to all of you out there in the market - it's bruttal out there!. I may also come back and make future posts pertaining to grains, gold or oil futures looking for forum users' takes on the market. If I do, I will rely only on the post/replies made and not solicit their emails as I have tonight.