Tone Grant

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Tone Grant

Tone Grant was the former president of now-defunct Refco Group Ltd, one of the world's biggest commodities brokerage firms. He died on January 18, 2015 while serving prison time for fraud. He was 70. [1]

Background[edit]

Grant was sentenced to 10 years in prison on August 7, 2008, for defrauding investors of $2.4 billion while at Refco. He was convicted in April 2008 of conspiracy, securities fraud, wire fraud, bank fraud and money laundering. The accounting fraud brought down Refco in 2005, which was then the largest independent futures broker in the world. Grant and Phillip R. Bennett, CEO of Refco were both convicted in the case along with several other Refco executives.[2] Grant began serving his prison term in late October of 2008 at a minimum security prison north of Duluth, Minnesota.[3]

Grant argued in the case that Bennett ran the scheme. However, U.S. District Court Judge Naomi Riece Buchwald said Grant lied about Refco's finances and arguments that he was not aware of the fraud were a "gross understatement of the facts." [4] The judge added that Grant "made the choice over and over again to join with Bennett, not to extricate himself from the fraud." [5]

Grant is listed as having contributed $1,000 to Senator Barack Obama's campaign for the Illinois state senate in 2004.[6]

Education[edit]

Grant graduated from Yale University. He also played quarterback for the school. He was also a decorated Marine officer who served in Vietnam.

References[edit]