Market mixed over Bennett trial
31 Aug 2007
The derivatives industry remains unsure about the likely outcome of the fraud trial involving ex-Refco boss Phil Bennett, which has been postponed until March 2008.
The trial concerning the actions of Bennett and two other former executives, president Tone Grant and CFO Robert Trosten, who are accused of misappropriating hundreds of millions of dollars, is the subject of considerable market intrigue.
US district judge, Naomi Buchwald, granted Bennett's request for a delay on 31 July, according to a transcript of a telephone conference made public on 27 August.
“The defendants are obviously correct in pointing out the enormity of the potential consequences for them if they are convicted,†Buchwald said. “I would not want them to feel that there was something fundamentally unfair about the way the trial was conducted.''...
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