Last Friday Phillip R. Bennett, former chief executive Refco Inc., pleaded guilty to 20 counts of fraud and now faces life in prison for conspiracy, securities fraud, bank fraud and falsifying filings with the Securities and Exchange Commission. This follows executive VP Santo Maggio’s confession in December, which led to him giving up $23 million. Refco executives Robert C. Trosten, Tone N. Grant and lawyer Joseph P. Collins are still facing charges and, according to the New York Times, are maintaining their innocence.

While this is certainly progress in the two year debacle, I’d like to take this opportunity to point out that the victims have still not been made whole.

More than $100 million in Refco retail customer funds were tied up in this debacle, and those retail traders have “not received a dime” of compensation, says account holder Gail Butler. And Paul Palley, one of the leaders of the Refco Account Holders group that organized on the internet and filed several law suits to get their money back is continuing the fight.

While it’s great that the NFA and the CFTC have increased their efforts to root out fraud by raising the capital requirements for FX dealers, why haven’t they stepped up to fight for these retail traders? As Bennett and Maggio have shown us, it’s never too late to do the right thing. I’d like to see NFA and the CFTC step up and do the same.