SEC Seeks Injunctive Relief Against Refco's Bennett

Last week Philip Bennett, former CEO of Refco, the failed commodities firm, pleaded guilty to twenty counts of conspiracy, securities fraud, false filings with the SEC, wire fraud, false statements to Refco's auditors, bank fraud, and money laundering.  It is likely that Mr. Bennett will spend the rest of his life in prison.  Today, the SEC filed a civil injunctive action against Bennett.  The complaint seeks a permanent injunction enjoining Bennett from future violations and also seeks payment by Bennett of unjust enrichment that he received as a result of his actions, with prejudgment interest thereon, and imposition of civil money penalties.  Perhaps the SEC thinks that Bennett has funds that can be returned to defrauded investors, since additional deterence seems unnecessary.