Chicago lawyer sentenced to 7 years in prison
(AP) — A Chicago lawyer has been sentenced to seven years in prison by a federal judge who said his excessive loyalty to Refco Inc. led him to help the company carry out a $2.4 billion fraud.
Lawyer Joseph P. Collins was sentenced Thursday after he was convicted at trial of conspiracy and other charges in a huge fraud at the commodities brokerage giant.
Federal Judge Robert Patterson said federal sentencing guidelines called for a prison term of up to 85 years.
Refco filed for bankruptcy in 2005. It was once the nation's largest independent commodities broker.
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 conspiracy to commit securities fraud.
Sarra Sounds Off, Season 3, Ep 4: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Nassau Conference II football matchup between Calhoun at Carey, plus the comeback story of New Hyde Park's Gabriel Peter, an update on the high school fantasy football standings and the plays of the week.
Sarra Sounds Off, Season 3, Ep 4: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Nassau Conference II football matchup between Calhoun at Carey, plus the comeback story of New Hyde Park's Gabriel Peter, an update on the high school fantasy football standings and the plays of the week.
