Advertisement

Former Refco CEO admits fraud

Share via
From Times Wire Services

Former Refco Chief Executive Phillip Bennett pleaded guilty at a hearing in federal court in New York to criminal charges stemming from the 2005 collapse of the futures and commodities broker.

Bennett, 59, entered the guilty plea to a 20-count indictment alleging conspiracy, securities fraud, bank fraud, wire fraud and money laundering.

Sentencing was set for May 20.

Refco and 23 affiliates filed for bankruptcy protection in 2005, a week after revealing that Bennett had hidden $430 million of bad customer debt. It later liquidated its operations.

Advertisement
Advertisement