Broker faces 315-year jail term

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Phillip Bennett has pleaded guilty to 20 counts of fraud and other charges stemming from the collapse of Refco three years ago.

He faces a maximum sentence of 315 years but from similar cases can expect to serve around 25 years when sentenced on 3 July.

Prosecutors say "that given the duration and intensity of the fraud, Bennett should receive no leniency". Bennett "stood on top of a conspiracy of historic proportions, defrauding his victims of billions of dollars based on a series of lies that covered more than eight years of fraudulent activity, and which made him a billionaire".

Bennett is said to have hidden $545 million (£280 million) in bad debts from investors prior to Refco's 2005 Wall Street flotation.

The fraud came to light just two months after the float, which raised $583 million. Refco collapsed into bankruptcy soon after, losing shareholders millions of dollars.