Ex-Refco CEO Bennett Sentenced To 16 Years in Prison for Fraud
By Chad Bray
Wall Street Journal
NEW YORK -- Phillip R. Bennett, Refco Inc.'s former chief executive, was sentenced to 16 years in prison Thursday after he pleaded guilty to criminal charges in a scheme to hide the commodities broker's financial troubles.
At a hearing Thursday, U.S. District Judge Naomi Reice Buchwald in Manhattan said white-collar defendants like Mr. Bennett often "just don't think they'll get caught."
"You and others like you play a truly high-stakes poker game," the judge said.
The judge didn't impose a fine and said restitution will be discussed at a later date.
"Pride is the first sin, the very negation of humility, and of the devotion and sacrifice of the Cross. Greed and indifference to others, lawlessness and betrayal, are the daughters of Pride, the father of all sin. The unsustainable will not be sustained. God's wrath grows fierce. Nemesis awaits. Pride and its sins are the chains that imprison Satan and the damned in their hell." Jesse, Resist the Daughters of Pride, March 2024
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