Refco’s Grant convicted, reputation lingers
Refcos former president, Tone Grant, has been found
guilty of five counts related to trying to conceal more than
$1bn in losses from customers in yet another chapter in the
companys chequered history.
Grant, 64, was found guilty of conspiracy, securities fraud,
wire fraud, bank fraud and money laundering and could spend the
rest of his days in prison. Former Refco CEO, Philip Bennett,
who will be sentenced on May 20 and former chief financial
officer Robert Trosten, pleaded guilty in February.
One key piece of evidence in the trial was a handwritten memo
by Grant that $1.1bn was the real debt held by
Refco. Grant is due to be sentenced on August 7.
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