Former Refco CEO admits fraud
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.
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