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Chicago lawyer convicted in Refco fraud
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NEW YORK - A Chicago lawyer has been convicted in New York of conspiracy in a huge fraud at commodities brokerage giant Refco Inc.
Lawyer Joseph P. Collins was convicted Friday of conspiracy and four other charges in Refco's $2.4 billion corporate fraud. Federal Judge Robert Patterson declared a mistrial on two counts of wire fraud, two counts of making false filings to the Securities and Exchange Commission and five counts of bank fraud. Sentencing was set for Nov. 3.
Refco was once the nation's largest independent commodities broker. It filed for bankruptcy in 2005.
Collins testified that Refco executives did not reveal the fraud to him.
Former Refco CEO Phillip Bennett is serving 16 years in prison after pleading guilty to charges.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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