So it’s 10 years behind bars for the shamed ex-president of Refco, Tone Grant.

Such a sentence may be harsh for a 64-year-old but, alongside Phillip Bennett, he defrauded investors out of $2.4bn.
Not exactly loose change. But the damage goes far beyond just losing money. Their crimes hurt the whole futures industry as well.

So who was to blame?

Well, of course, Grant and Bennett. But...