Ex-Refco boss faces eight charges

Mr Bennett is confined to his home under the terms of his release

Former Refco chief executive Phillip Bennett has been indicted on eight counts including conspiracy, securities fraud and making false filings.

Mr Bennett, 57, who was arrested in October, is accused of hiding $430m (£243m) in debts at the US brokerage before it floated on the stock market.

He denies any wrongdoing and has been released under a $50m bond.

Refco has since applied for bankruptcy protection, and on Thursday sold off a key unit to hedge fund firm Man Group.

Man Hedge won an auction for Refco's futures trading arm after bidding $282m.

Confined

The list of charges against Mr Bennett comprises one count of securities fraud, one count of conspiracy, three counts of making false filings with the US Securities & Exchange Commission, and three counts of wire fraud.

The scandal first broke on 10 October when he was suspended from his post.

He was arrested and initially charged with securities fraud two days later.

The $430m, which has since been repaid to Refco, is alleged to have been hidden by Mr Bennett in a subsidiary company he controlled.

He is now confined to his home in Park Avenue, New York.