- Dubai Fallout Is a Correction, Not Another Crisis: El-Erian
- Dubai's Debt Woes Signal New Era for Creditors
- Banks With The Biggest Exposure to The UAE
- The World's Biggest Debtor Nations
- Commodities Hammered as Investors Flee to US Dollars
- Five Tips for Buying a Foreclosed Home
- Get Paid Six Figures to Wear a T-Shirt?
- Shoppers Hit Black Friday Sales; Budgets Pared
- Slideshow: Fantasy Christmas Gifts 2009
- Obama's Emission Reduction Pledge Paints Future for Autos
- Is Super Bowl Halftime Act Too Old?
- Surprising Options Trades in TiVo Shares
- EA Sports Hopes to Pump Up Sales Through Pop-Up Locations
- 8 Retailers that Gain During the Holidays
- Farrell: What's Different On This Black Friday
- 10 Dividend Picks For Your Portfolio: Chief Investors
- 4 Thanksgiving Week Buys For Your Portfolio: Market Pros
- There's a 'Great Chance' For a Double-Dip Recession: Strategist
MOST SHARED
- 8 Retailers that Gain During the Holidays
- Dubai Fallout Is a Correction, Not Another Crisis: El-Erian
- Finding the Holiday's Best Buys
- Banks Play Down Dubai Exposure, Investors Still Wary
- Dubai Spooks Investors But May Bring Buying Opportunity
- San Miguel Sells $1.36 Billion Stake to Ally
- Charts: Dollar Could Fall to 80 Yen
- Is Super Bowl Halftime Act Too Old?
- ING Prices Share Issue at Hefty Discount
Text Size 
Tone Grant, the former president of Refco, once the largest independent commodities broker, was sentenced to 10 years in prison for his role in a $2.4 billion fraud that involved hiding huge trading losses from clients.
His sentence was handed down by U.S. District Judge Naomi Buchwald in Manhattan at a hearing Thursday.
Grant, 64, was the lone top executive at Refco to face trial. His former colleague, ex-chief executive Phillip Bennett, pleaded guilty in February to 20 criminal counts a month before he was due to go to trial. Bennett was sentenced last month to 16 years in prison.
Prosecutors contend that Grant stood at Bennett's side in carrying out a massive fraud in an effort to lie about Refco's financial health. Their motive was to keep the firm afloat in the hopes of one day selling it for a big profit, the government argued.
Refco unraveled in 2005, shortly after it became a public company, after revealing that Bennett had hidden $430 million in bad customer debt. Refco stock plummeted and the company filed for bankruptcy.
Grant was convicted at trial of five criminal counts — conspiracy, securities fraud, wire fraud, bank fraud and money laundering. His lawyers have argued that, even if the government's evidence were to be accepted, that evidence shows Grant only played a relatively minor role in comparison to Bennett.
"Mr. Grant continues to maintain his innocence," Roger Zuckerman, one of his attorneys, said after the sentencing. "We look forward to the appeal."
Print
Email
- Bill Griffeth is taking a leave of absence from CNBC and Power Lunch for a year. Here's a message from Bill.
- Social enterprises are becoming a new asset class for the ethically-minded.
- With Americans cutting back on spending, holiday tipping will take another hit this year.
- More shoppers than ever plan to comparison-shop this season. Who will benefit?
- It may be the most unusual guide to business you'll read.
- Some of the nation's top bartenders offer suggestions on what to serve at holiday celebrations this year.
Data is a real-time snapshot *Data is delayed at least 15 minutes