Judge Sentences Ex-Refco CEO To 16 Years In Jail

Law360, New York (July 3, 2008, 12:00 AM EDT) -- Former Refco Inc. Chief Executive Phillip Bennett was sentenced Thursday to 16 years in prison for masterminding the massive fraud that brought down the world's largest commodities brokerages.

Bennett, who pled guilty in February to 20 criminal charges stemming from the eight-year scam, must report to prison to begin his sentence on Sept. 4. He will be confined to his home in Gladstone, N.J., until then.

The once high-flying executive, who had faced life in prison, told the Manhattan district court he had made an “unacceptable...
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