Behind every billionaire there is a story!

Former Refco CEO gets 16 years in prison

Phillip Bennett, the former chief executive of Refco, was sentenced to 16 years in prison on Thursday for fleecing investors of more than $2.4 billion in a fraud that destroyed the world’s largest independent commodities broker.

The sentence marks the latest chapter in the decline and fall of Phillip Bennett, 59, who built Refco into a global commodities trading empire only to see it unravel in 2005 after the company disclosed an accounting deception.

U.S. District Judge Naomi Buchwald ordered Bennett to be kept under house arrest in his New Jersey home until he surrenders to a federal facility on September 4. After serving his sentence, Bennett is to be deported to his native United Kingdom.

“You tried to make Refco successful, but your success was in many ways a sham,” Buchwald said.

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http://www.cnbc.com/id/25516879/for/cnbc/