Refco's former chairman and chief executive, Phillip R. Bennett, pleaded guilty to fraud, conspiracy and money laundering, among other charges, in a scheme that cost investors at least $2.4 billion.

Bennett's plea yesterday came a month before he was scheduled to go on trial in New York on charges of deceiving banks, auditors and investors, including the buyout firm Thomas H. Lee Partners, during an eight-year accounting fraud.

Two colleagues, former Refco finance chief Robert C. Trosten and former president Tone Grant, still face a March 17 trial.

Under federal sentencing guidelines, Bennett faces life imprisonment with a maximum penalty of 315 years covering all 20 counts as well as forfeiture of $2.4 billion, prosecutors said.

Bennett, whose lawyer said he has $20 million in assets, is scheduled to be sentenced May 20.

After increasing bail, the judge rejected a request by prosecutors to take Bennett into custody immediately.

"I take full responsibility for my conduct," Bennett, 59, told U.S. District Judge Naomi R. Buchwald in Manhattan federal court. "I wish to publicly apologize to my family and to all those I've harmed."

Refco, once the biggest independent U.S. futures trader, collapsed in October 2005, two months after its initial public offering.

The New York firm, which also provided brokerage services, filed for bankruptcy protection days after disclosing that a Bennett-controlled firm owed hundreds of millions of dollars to Refco.

The roots of the case stretch back to 1997, when Refco began hiding massive losses sustained by clients in the Asian debt crisis.

According to the indictment, the company hid the scam from Thomas H. Lee, which paid $507 million for a 57 percent stake in Refco in 2004; from banks and debt holders that extended more than $1.4 billion in financing in 2004; and from investors who paid $583 million for shares when Refco went public.