Phillip Bennett Archives

Ex-Refco boss faces eight charges

Former Refco chief executive Phillip Bennett has been indicted on eight counts including conspiracy, securities fraud and making false filings.

Mr Bennett, 57, who was arrested in October, is accused of hiding $430m (£243m) in debts at the US brokerage before it floated on the stock market.

He denies any wrongdoing and has been released under a $50m bond

The former chief executive of US brokerage Refco has been charged with securities fraud, sending the company’s shares down 22% in New York.

Phillip Bennett is accused of hiding millions of dollars of debt owed to Refco by another firm he controlled.

The purpose of such a move was to make Refco look stronger than it was ahead of its $583m (£333m) float in August, US Attorney Michael Garcia alleges