Refco Ex-CEO Gets 16-Year Sentence

NEW YORK -- Phillip R. Bennett, Refco Inc.'s former chief executive officer, was sentenced to 16 years in prison Thursday for his role in a scheme to hide the commodities broker's financial troubles.

At a hearing, U.S. District Judge Naomi Reice Buchwald in Manhattan said white-collar defendants such as Mr. Bennett often "just don't think they'll get caught."

"You and others like you play a truly high-stakes poker game," the judge said.

The judge didn't impose a ...