Ex-Refco executive Maggio pleads guilty to fraud
Court Alerts
A former senior Refco Inc executive pleaded guilty on Wednesday to criminal charges for his role in an alleged fraud that led to the collapse of the futures and commodities broker.
Santo Maggio, 56, who was president of the Refco Capital Markets unit, pleaded guilty to four counts -- two counts of securities fraud, one count of conspiracy and one count of wire fraud -- at a hearing before Magistrate Judge Ronald Ellis in Manhattan federal court.
Separately, the U.S. Securities and Exchange Commission said in a related action it had settled a civil lawsuit against Maggio.
Refco and 23 affiliates filed for Chapter 11 bankruptcy protection on October 17, 2005, a week after revealing that former Chief Executive Phillip Bennett had hidden $430 million of bad customer debt. It later liquidated its operations.
Maggio told the judge that Refco's losses were covered up.
"I participated with others to hide the true financial health of Refco," he said. "I deeply regret my conduct and the harm that it has caused."
He faces a maximum sentence of 65 years for the charges. He is scheduled to be sentenced on May 9.
The plea comes a day after prosecutors, along with the U.S. Postal Inspection Service and the Securities and Exchange Commission, filed charges against Joseph Collins, a former outside lawyer for Refco.
Related listings
-
Judge rules in favor of Avvo's online rankings
Court Alerts 12/19/2007[##_1L|1021271636.jpg|width="110" height="113" alt=""|_##]Avvo won a key legal victory Tuesday in its quest to legitimize its online attorney rating service. The legal brouhaha erupted earlier this year when high-powered class-action lawyer Steve Ber...
-
Lawsuit Against Utah Ski Resort Revived
Court Alerts 12/19/2007Skiers assume the potential for injury when they try to navigate a steep mountainside, but not all risks are inherent, the Utah Supreme Court ruled Tuesday, clearing the way for a lawsuit against a resort.William Rothstein suffered severe internal in...
-
Supreme Court Asked to Hear Zoloft Case
Court Alerts 12/18/2007[##_1L|1102819931.jpg|width="130" height="94" alt=""|_##]Attorneys have asked the U.S. Supreme Court to hear the case of a teen sentenced to 30 years in prison for killing his grandparents when he was 12, arguing that the sentence is cruel. Christoph...
Grounds for Divorce in Ohio - Sylkatis Law, LLC
A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party
Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party
However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.