Today's Date: Add To Favorites
Refco Ex-CEO Pleads Guilty to 20 Counts
Breaking Legal News | 2008/02/16 12:59

Refco's former chairman and chief executive, Phillip R. Bennett, pleaded guilty to fraud, conspiracy and money laundering, among other charges, in a scheme that cost investors at least $2.4 billion.

Bennett's plea yesterday came a month before he was scheduled to go on trial in New York on charges of deceiving banks, auditors and investors, including the buyout firm Thomas H. Lee Partners, during an eight-year accounting fraud.

Two colleagues, former Refco finance chief Robert C. Trosten and former president Tone Grant, still face a March 17 trial.

Under federal sentencing guidelines, Bennett faces life imprisonment with a maximum penalty of 315 years covering all 20 counts as well as forfeiture of $2.4 billion, prosecutors said.

Bennett, whose lawyer said he has $20 million in assets, is scheduled to be sentenced May 20.

After increasing bail, the judge rejected a request by prosecutors to take Bennett into custody immediately.

"I take full responsibility for my conduct," Bennett, 59, told U.S. District Judge Naomi R. Buchwald in Manhattan federal court. "I wish to publicly apologize to my family and to all those I've harmed."

Refco, once the biggest independent U.S. futures trader, collapsed in October 2005, two months after its initial public offering.

The New York firm, which also provided brokerage services, filed for bankruptcy protection days after disclosing that a Bennett-controlled firm owed hundreds of millions of dollars to Refco.


The roots of the case stretch back to 1997, when Refco began hiding massive losses sustained by clients in the Asian debt crisis.

According to the indictment, the company hid the scam from Thomas H. Lee, which paid $507 million for a 57 percent stake in Refco in 2004; from banks and debt holders that extended more than $1.4 billion in financing in 2004; and from investors who paid $583 million for shares when Refco went public.



[PREV] [1] ..[5301][5302][5303][5304][5305][5306][5307][5308][5309].. [8292] [NEXT]
All
Class Action
Bankruptcy
Biotech
Breaking Legal News
Business
Corporate Governance
Court Watch
Criminal Law
Health Care
Human Rights
Insurance
Intellectual Property
Labor & Employment
Law Center
Law Promo News
Legal Business
Legal Marketing
Litigation
Medical Malpractice
Mergers & Acquisitions
Political and Legal
Politics
Practice Focuses
Securities
Elite Lawyers
Tax
Featured Law Firms
Tort Reform
Venture Business News
World Business News
Law Firm News
Attorneys in the News
Events and Seminars
Environmental
Legal Careers News
Patent Law
Consumer Rights
International
Legal Spotlight
Current Cases
State Class Actions
Federal Class Actions
New Hampshire courts hear 2 ..
PA high court orders countie..
Tight US House races in Cali..
North Carolina Attorney Gene..
Republicans take Senate majo..
What to know about the unpre..
A man who threatened to kill..
Ford cuts 2024 earnings guid..
Kenya’s deputy president pl..
South Korean court acquits f..
Supreme Court grapples with ..
Supreme Court leaves in plac..
Kentucky sheriff accused of ..
New rules regarding election..
North Carolina appeals court..


Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet.
St. Louis Missouri Criminal Defense Lawyer
St. Charles DUI Attorney
www.lynchlawonline.com
Lorain Elyria Divorce Lawyer
www.loraindivorceattorney.com
Legal Document Services in Los Angeles, CA
Best Legal Document Preparation
www.tllsg.com
Car Accident Lawyers
Sunnyvale, CA Personal Injury Attorney
www.esrajunglaw.com
East Greenwich Family Law Attorney
Divorce Lawyer - Erica S. Janton
www.jantonfamilylaw.com/about
St. Louis Missouri Criminal Defense Lawyer
St. Charles DUI Attorney
www.lynchlawonline.com
Connecticut Special Education Lawyer
www.fortelawgroup.com
  Law Firm Directory
 
 
 
© ClassActionTimes.com. All rights reserved.

The content contained on the web site has been prepared by Class Action Times as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. Affordable Law Firm Web Design