Phillip Bennett, the British former chief executive of Refco, was sentenced to 16 years in an American prison yesterday after pleading guilty to criminal charges over a scheme to hide the commodities broker's financial problems.

District Judge Naomi Reice accused Bennett, 59, of arrogance, saying that he, like other white-collar defendants, often “just don't think they'll get caught”.

“You and others like you play a truly high-stakes poker game,” added the judge, who did not impose a fine but said that restitution would be discussed at a later date. Bennett, who had faced a maximum sentence of life imprisonment, is expected to report to jail on September 4.

He was remanded on $50 million bail after his arrest in 2005 and will continue to be restricted to his home in New Jersey where he is electronically monitored.

Refco went public in August 2005. It filed for bankruptcy just weeks later, after disclosing that a $430 million debt owed to Refco by a company controlled by Bennett had been concealed.

Refco's share price plummeted following the disclosure and fed through into an estimated $1.5 billion loss for investors.

Bennett's prosecutors described him as a “fundamentally and thoroughly dishonest human being”, saying that, through his deceit, he adopted the trappings of a billionaire, with luxuries such as a $20 million aeroplane, a $29 million art collection and $11 million worth of cars.

“In terms of scope, length, sophistication, harm and criminal benefit, Bennett stands on a plateau of criminality that frankly makes comparisons difficult,” prosecutors wrote in court papers.

They argued that he systematically lied about Refco's financial condition in a scheme to inflate the company's value, sell his ownership interest and become rich.

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