Ex-Refco Executives Hit With $672 Million Court Judgment
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Refco Inc.’s former Chief Executive Officer Phillip Bennett and two of his ex-colleagues were ordered to pay $671.7 million to Sphinx Providence Ltd. and its hedge funds for losses stemming from a $2.4 billion fraud at Refco.
U.S. District Judge Jed Rakoff assessed the damages, including interest, against Bennett, former senior vice president Christopher Sugrue, former executive vice president Thomas Hackl and Refco Group Holdings Inc., an entity Bennett owned and used to hide more than $1 billion of debt.