Friday, June 13, 2008

Former Refco CEO: What Will the Sentence Be?

Former CEO of Refco, Phillip Bennett is set for sentencing on July 3rd.  He plead guilty (see here) to what the government called a 2.4 billion dollar fraud. With white collar sentences often determined by the amount of loss, this figure raises questions of whether this guilty plea will match a sentence with a comparable loss figure and whether consideration will be given for his individual circumstances. Clearly as noted in the brief of the defense, there are strong factors for a lower sentence for this 60 year old man.  For example, the brief presents a strong section on his "kind works and charitable deeds."  Martha Graybow (Reuters) provides a wonderful analysis of the issues to expect in this forthcoming sentencing in an article titled, Prosecutors Seek Stiff Jail Term for Ex-Refco CEO.

Below are the Defense and Government Sentencing Memorandum -

Defense - Download bennett_sentencing_memo.pdf

Government -Download usa_sentencing_memo.pdf

(esp) (w/ a hat tip to Whitney Curtis for her wonderful assistance)

Addendum - See Tom Kirkendall's Houston CleakerThinkers here.

http://lawprofessors.typepad.com/whitecollarcrime_blog/2008/06/refco-ceo-benne.html

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