Winnetka Lawyer Convicted in $2.4B Fraud Case

Winnetka lawyer Joseph P. Collins has been convicted again in a $2.4-billion fraud case that led to the collapse of Refco, one of the biggest independent commodities firms, Star-Telegarm.com reports. 

Collins was found guilty Friday on seven out of 10 criminal charges in federal court in Manhattan and faces up to 20 years in prison on each fraud charge, WSJ.com reported. 

The former outside lawyer for Refco was convicted in 2009 of helping Refco CEO Phillip Bennett and other executives defraud investors, but the conviction was overturned when a U.S. appeals court found errors in the trial, BloombergBusinessweek reported. 

Refco filed for bankruptcy in 2005, according to Bloomberg.com.

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