$ 240 million in fraud, resulting in the collapse of a huge independent commodity company was convicted Chicago area lawyer was sentenced on Monday a day a year in prison.
Joseph · P · Collins, 62, travel Winnetka, Illinois, was sentenced in Manhattan federal court after his November conviction on charges including conspiracy, securities fraud and wire fraud. Collins is now defunct financial services company, Group LLC former chief outside counsel
Refco, once the nation's largest independent commodities firm, filed for bankruptcy in 2005. Its former CEO admitted conspiracy to commit securities fraud and was sentenced to 16 years in prison. Others convicted include Refco's former owners, former chief financial officer and former executive vice president.
Collins believes that Refco executives never revealed his fraud.
U.S. federal prosecutors Puri teba Lara said in a statement, Collins was a lawyer, "deeply immersed in coordinating and conceal Refco's collapse, resulting in a large number of accounting fraud or malpractice."
Prosecutors said Collins played a pivotal role in the financial statements of Refco fraud, forgery, hiding a huge debt the company from Refco investors and auditors. They say that Collins and his company's lawyers drafting documents, at least 17 ??times, from February 2000 in October 2005, to help the company to conceal the scale of its debt.
Collins was originally convicted in 2009, but last year a federal appeals court in Manhattan, the conviction was reversed.
 



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