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Jul 30 2008 4:19pm EDT
No Worries; He's Booked for the Next 16 Years
The Securities and Exchange Commission said today that it has concluded its civil action against former Refco C.E.O. Phillip R. Bennett. Bottom line: He is forbidden to ever serve as an officer or director of a public company.
No problem there. Bennett will be otherwise engaged after September 4 anyway. That's when he is scheduled to start serving a 16-year sentence for his role in Refco's collapse in an accounting scandal only months after the giant commodities brokerage went public in a $670 million initial stock offering.
Bennett will be plenty busy before September 4, too. Earlier this week, he filed papers in federal court in Manhattan saying that he intends to appeal his sentence.
by Mark Stein
