The lawsuit, filed in U.S. District Court in Manhattan, alleges that Bennett orchestrated a scheme to hide hundreds of millions of dollars owed to Refco by a private entity controlled by Bennett and to utilize practices that artificially inflated Refco's results.

The complaint is seeking a permanent injunction against Bennett, as well as disgorgement of ill-gotten gains and civil penalties.

A lawyer for Bennett didn't immediately return a phone call seeking comment Tuesday.

Late Friday, Bennett, 59, pleaded guilty to a 20-count criminal indictment, including charges of conspiracy, securities fraud, bank fraud and making false filings with the SEC. Bennett, a British citizen, faces life in prison on the criminal charges under federal sentencing guidelines.

During his guilty plea last week, the former CEO admitted to concealing the fraud from the company's auditors, its investors and buyout firm Thomas H. Lee Partners, which purchased a stake in Refco in 2004 and has been sued for allegedly not following up on red flags at the company.

Bennett has been out on $50 million bail since shortly after his arrest in 2005 and is restricted to his New Jersey home, where he is subject to electronic monitoring.

Refco sought bankruptcy protection in 2005, soon after the company announced it had discovered $430 million in debt owed to a private entity controlled by Bennett and his subsequent arrest on fraud charges.

Bennett was expected to go to trial on the criminal charges next month, along with former Refco executives Robert C. Trosten and Tone N. Grant. Grant and Trosten have denied wrongdoing.

Prosecutors said last week that they intend to proceed with the criminal trial in March against Trosten, Refco's ex-chief financial officer, and Grant, the company's former president, following Bennett's plea.

Joseph P. Collins, a longtime lawyer for Refco, also is separately facing criminal charges in the matter.

Santo C. Maggio, Refco's former executive vice president, pleaded guilty to criminal charges in December and agreed to forfeit $23 million. Maggio, who has long been cooperating with prosecutors, is expected to testify at any criminal trials in the matter.

Austrian bank Bawag PSK reached a deal in June 2006 to settle Justice Department and SEC charges that the bank helped Bennett and others conceal Refco's true financial picture. The bank has agreed to pay at least $675 million, including $337.5 million to be paid to aggrieved investors through a restitution fund. Bawag also reached a nonprosecution agreement with the Justice Department.