Phillip Bennett, former chairman and CEO of the investment group Refco, has settled with the Securities and Exchange Commission over charges that he concealed hundreds of millions of dollars in trading losses and operating expenses.
Refco shifted debt to third parties at the close of fiscal periods, artificially inflating its financial results. Public revelations of the over seven-year-long scheme in October 2005, two months after the company's initial public offering, caused hundreds of millions of dollars in losses to Refco shareholders and led to the collapse of the company.
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