Hard to believe, but this is a bit of a victory for the ex-CEO of commodities broker Refco, considering that the (absurd) federal sentencing guidelines called for life in prison. Will the Feds pay for his plane ticket to the UK in 2024?
WSJ: 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.
Mr. Bennett pleaded guilty to a 20-count indictment in February on the eve of trial, including charges of conspiracy, securities fraud, bank fraud and making false filings with the Securities and Exchange Commission.
A U.K. citizen, Mr. Bennett had faced as much as life in prison on the charges under federal sentencing guidelines. He will be deported upon completing his prison term.
At least Bennett looks better than he did when he was first charged:
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