Former Refco CEO gets 16 years in prison

Discussion in 'Wall St. News' started by asap, Jul 4, 2008.

  1. asap

    asap

    NEW YORK (Reuters) - Phillip Bennett, the former chief executive of Refco, was sentenced to 16 years in prison on Thursday for fleecing investors of more than $2.4 billion in a fraud that destroyed the world's largest independent commodities broker.

    The sentence marks the latest chapter in the decline and fall of Phillip Bennett, 59, who built Refco into a global commodities trading empire only to see it unravel in 2005 after the company disclosed an accounting deception.

    http://news.yahoo.com/s/nm/20080703/bs_nm/refco_bennett_dc_5
     
  2. they should have hung him from a street light

    how come there was nothing of him seen on the tv ? the trial
    wasn't covered and no shots of him
     
  3. Prison? Or do you mean vacation?
     
  4. jasonjm

    jasonjm

    dude, 16 years in the slammer, and then deportation when the sentence is done, is no vacation.
     
  5. Meanwhile the Refco bankruptcy hearings take place with reporting restrictions. Hmmmmm.