Ex-Refco CEO Faces Civil Suit From SEC

Law360, New York (February 19, 2008, 12:00 AM EST) -- Former Refco Inc. Chief Executive Phillip R. Bennett, who is already facing the possible equivalent of a life sentence after pleading guilty to 20 criminal counts on Friday, was sued by the U.S. Securities and Exchange Commission on Tuesday for concealing Refco's finances from investors.

The SEC alleged in its complaint, filed in the U.S. District Court for the Southern District of New York, that Bennett carried out a scheme since at least 1998, in which he transferred Refco's debts to third parties at the end...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.