Former Refco chief jailed for 16 years

The former British chief executive of Refco has started a 16-year jail
sentence.

Phillip Bennett pleaded guilty to charges relating to hiding the commodity
broker problematic finances, reports the Times.

The company filed for bankruptcy in 2005 after a financial black hole was
revealed. A $430m debt was owed to Refco by a company controlled by Bennett.

Further reading:

Firms face Refco fraud
action

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