Ex-Refco president accused of lying
The former Refco president, Tone Grant, has been accused of
hiding multimillion trading losses by a US prosecutor as both
sets of legal teams concluded final arguments to the jurors.
Like so many people at Refco, he lied for the
money, Assistant US Attorney Christopher Garcia told the
jury at the US District Court in lower Manhattan.
Prosecutors claimed Grant knew that his partner, Refco chief
executive officer Phillip Bennett, hid more than $1bn in losses
and expenses through a fraudulent accounting scheme. Grant is
also accused of lying to Refcos lenders and investors
about whether the firm had a proprietary trading operation.
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