Tone Grant, the former president of Refco, once the largest independent commodities broker, was sentenced to 10 years in prison for his role in a scheme to hide huge trading losses from clients. His sentence was handed down by US District Judge Naomi Buchwald at a hearing on Thursday. Grant was the lone top executive at Refco to face trial.
His former colleague, ex-chief executive Phillip Bennett, pleaded guilty in February to 20 criminal counts a month before he was due to go to trial. Bennett was sentenced last month to 16 years in prison.