Phillip Bennett, the former chief executive of scandal-hit US broker Refco, has asked US magistrates to modify terms of his bail after failing to meet the conditions he agreed when he was arrested earlier this month.

Bloomberg reports that Bennett, who has been accused with fraud over a $430m (€522m) debt to Refco, has been unable to persuade six people to guarantee a $50m bond the court asked for as a condition of bail. Only Bennett's wife has countersigned the bond.