Word: bennett
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...often rowdy world of commodities trading, Phillip Bennett, the chief of giant commodities broker Refco, seemed like a cut above. An elegant, Cambridge-educated detail man, he often dressed in three-piece suits, lived on a horse farm in New Jersey and was something of a gourmet. Bennett brought an aura of respectability to a firm that was known for highflying, sometimes sloppy ways, offering a striking contrast with Refco founder Thomas Dittmer, a cattle and oil trader and all-around swashbuckling guy who liked to hand out gold watches when he made a great trade. "They were rough, very...
Appearances may have been deceiving. Just as Bennett was about to take off on a wine-tasting trip to Europe last week, police arrived at his Park Avenue penthouse to put him under arrest. Behind the refined veneer, it appears, Bennett may have been playing loose with the rules. Just two months after Refco raised $583 million in an initial public offering (IPO), federal prosecutors accused Bennett of hiding $430 million of uncollectible debt, in so doing propping up Refco's earnings and share price. When the news hit, Refco shares plunged from $28.56 to $7.90, wiping out $2.6 billion...
...underwriters who took the company public may be on the hook for shareholder losses. "We have a history of taking forceful action in response to misbehavior," says Alan Hevesi, New York State comptroller, whose retirement system invested $36 million in Refco through Lee and others. Lee declined to comment. Bennett's lawyer, Gary Naftalis, reiterated what he had already said in court: "We think the government jumped...
...recent years Bennett had improved Refco's record, but his handling of Refco's IPO may have been reckless in more ways than one. Not only did Bennett fail to disclose $430 million--more than double last year's net income--that would never be collected (believed to be the result of hedge-fund clients who didn't pay up after bad trades), but he also went ahead with the IPO even though his top lieutenant, Santo Maggio, was under investigation by the SEC in connection with a stock-manipulation scheme that had driven software firm Sedona into the ground...
Anchoring this defensive charge is Bennett, a 2004 All-Patriot League honoree and candidate for the Buchanan Award, which is given to the Division I-AA defensive player of the year. Before last Saturday’s victory over Columbia, Bennett tore through the previous offenses, accumulating a staggering 40 tackles in only three games...