US prosecutors add charges vs. ex-Refco execs

Nov 15, 2006 | 01:40 PM | Sean Barry

U.S. prosecutors have expanded their charges against the former chief executive and chief financial officer of New York-based commodities brokerage Refco Inc.

The charges against Phillip R. Bennett, former Refco chairman and chief executive officer, and Robert C. Trosten, former chief financial officer, have been widened to include allegations centering on hiding expenses and padding Refco's revenue, a spokesman for the U.S. Justice Department's Southern District in New York said late Tuesday.

The decision to hide expenses and pad out revenue was taken in order to artificially inflate the brokerage house's reported income leading up to the 2004 leveraged buyout (LBO) and the following year's initial public offering (IPO), the indictment alleges.....

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