Refco’s former president, Tone Grant, has been found guilty of five counts related to trying to conceal more than $1bn in losses from customers in yet another chapter in the company’s chequered history.
Grant, 64, was found guilty of conspiracy, securities fraud, wire fraud, bank fraud and money laundering and could spend the rest of his days in prison. Former Refco CEO, Philip Bennett, who will be sentenced on May 20 and former chief financial officer Robert Trosten, pleaded guilty in February.
One key piece of evidence in...