Phillip R. Bennett, 59, former chairman and chief executive officer of one of the world's biggest commodities brokerages, cried as he pleaded guilty on Friday before U.S. District Judge Naomi Reice Buchwald to 20 counts of conspiracy to commit securities fraud, wire fraud, bank fraud, money laundering and making false filings to the SEC. Prosecutors said the former Refco chief executive likely will spend the rest of his life in prison, given his age. Sentencing is set for May 20.
February 19, 2008 at 12:00 AM
1 minute read
The former chief executive of Refco Inc., one of the world’s biggest commodities brokerages, cried as he pleaded guilty Friday to conspiracy and fraud charges.
Phillip R. Bennett, 59, the company’s former chairman and chief executive officer, pleaded guilty before U.S. District Judge Naomi Reice Buchwald to 20 counts of conspiracy to commit securities fraud, wire fraud, bank fraud, money laundering and making false filings to the SEC.
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