Advertisement
YOU ARE HERE: LAT HomeCollectionsRefco Inc
IN THE NEWS

Refco Inc

FEATURED ARTICLES
BUSINESS
January 14, 2006 | From Reuters
Troubled futures and commodities broker Refco Inc. said its entire board resigned and Stephen Brecher was named an independent director. Federal Bankruptcy Judge Robert Drain had said that if the board resigned and at least one new director was named, he would not require a trustee to oversee Refco's affairs.
ARTICLES BY DATE
BUSINESS
January 17, 2007 | From Reuters
U.S. prosecutors indicted a third man linked to alleged fraud leading to the downfall of futures broker Refco Inc. and added charges in its indictment against two others Tuesday. Refco filed for bankruptcy protection in October 2005, just months after its initial public offering, after disclosing that then-Chief Executive Phillip Bennett had hidden $430 million of bad customer debt. The U.S.
Advertisement
BUSINESS
October 26, 2006 | From the Associated Press
The former chief executive and chief financial officer of commodities brokerage giant Refco Inc. pleaded not guilty Wednesday to charges they defrauded investors, causing more than $1 billion in losses. Former CFO Robert C. Trosten, 37, of Sarasota, Fla., was freed on $10 million bail -- secured with his Florida home -- after entering the plea before U.S. District Judge Naomi Reice Buchwald in New York.
BUSINESS
October 26, 2006 | From the Associated Press
The former chief executive and chief financial officer of commodities brokerage giant Refco Inc. pleaded not guilty Wednesday to charges they defrauded investors, causing more than $1 billion in losses. Former CFO Robert C. Trosten, 37, of Sarasota, Fla., was freed on $10 million bail -- secured with his Florida home -- after entering the plea before U.S. District Judge Naomi Reice Buchwald in New York.
BUSINESS
January 17, 2007 | From Reuters
U.S. prosecutors indicted a third man linked to alleged fraud leading to the downfall of futures broker Refco Inc. and added charges in its indictment against two others Tuesday. Refco filed for bankruptcy protection in October 2005, just months after its initial public offering, after disclosing that then-Chief Executive Phillip Bennett had hidden $430 million of bad customer debt. The U.S.
BUSINESS
January 26, 2006 | From Reuters
Thomas H. Lee Partners, the buyout firm, has lost $1.36 billion from its investment in Refco Inc., the commodities and futures broker under bankruptcy protection, regulatory filings show. In a Wednesday filing with the Securities and Exchange Commission, the firm estimated that the fair market value of its Refco common stock was $21.5 million as of Dec. 31. That's down from $1.38 billion as of Sept. 30, according to an SEC filing Nov. 10.
BUSINESS
April 9, 1992 | From Times Staff and Wire Reports
City of Orange Sues Brokerage: Refco Securities Inc. in New York and an employee, Kimberly Goodman, have been sued by the City of Orange, which lost nearly $7 million with Newport Beach investment adviser Steven D. Wymer. Orange said Wymer bought Goodman, the employee who handled Orange's account at Refco, a Jaguar and a Mercedes and that she conspired with him to cheat the municipality.
BUSINESS
October 11, 2005 | From Dow Jones/Associated Press
One of the world's biggest commodities brokerages said Monday that its chief executive took an indefinite leave of absence after the company discovered he had secretly transferred $430 million of the company's assets to a firm he controlled. Refco Inc. also said its financial statements since 2002 "should no longer be relied upon" and that it would delay filing its quarterly earnings release originally slated for next week. The news sent Refco shares plunging $12.96, or 45%, to $15.60.
BUSINESS
December 1, 2005 | From Reuters
A federal bankruptcy judge ruled Wednesday that Refco Inc. creditors are entitled to review documents related to the company's demise, a move that lawyers said would prevent federal prosecutors from slowing the bankruptcy reorganization process. Refco, a commodities and futures broker, filed for bankruptcy protection Oct. 17 after its former chief executive, Phillip Bennett, was charged with securities fraud and customers fled. Judge Robert Drain of the U.S.
BUSINESS
October 18, 2005 | From Bloomberg News
Refco Inc., the futures broker reeling from a bad-debt scandal, said late Monday that it had signed a preliminary agreement to sell its futures units to a group led by buyout firm J.C. Flowers & Co. for $768 million. The company also said it had filed for bankruptcy protection. New York-based Refco is moving forward with a sale to the Flowers-led group amid protests from would-be rivals.
BUSINESS
January 26, 2006 | From Reuters
Thomas H. Lee Partners, the buyout firm, has lost $1.36 billion from its investment in Refco Inc., the commodities and futures broker under bankruptcy protection, regulatory filings show. In a Wednesday filing with the Securities and Exchange Commission, the firm estimated that the fair market value of its Refco common stock was $21.5 million as of Dec. 31. That's down from $1.38 billion as of Sept. 30, according to an SEC filing Nov. 10.
BUSINESS
January 14, 2006 | From Reuters
Troubled futures and commodities broker Refco Inc. said its entire board resigned and Stephen Brecher was named an independent director. Federal Bankruptcy Judge Robert Drain had said that if the board resigned and at least one new director was named, he would not require a trustee to oversee Refco's affairs.
BUSINESS
December 1, 2005 | From Reuters
A federal bankruptcy judge ruled Wednesday that Refco Inc. creditors are entitled to review documents related to the company's demise, a move that lawyers said would prevent federal prosecutors from slowing the bankruptcy reorganization process. Refco, a commodities and futures broker, filed for bankruptcy protection Oct. 17 after its former chief executive, Phillip Bennett, was charged with securities fraud and customers fled. Judge Robert Drain of the U.S.
BUSINESS
November 11, 2005 | From Bloomberg News
A former chief executive of Refco Inc. was indicted Thursday by a federal grand jury in New York on charges that he hid hundreds of millions of dollars in unpaid debt. The indictment means that Phillip R. Bennett must appear in court in coming days to enter a formal plea to the charges. The judge may also schedule a date for the trial. Bennett was arrested Oct. 11 on securities fraud charges and ordered to remain at his New York City home under house arrest.
BUSINESS
October 25, 2005 | From Reuters
Private equity firm J.C. Flowers & Co. on Monday withdrew its bid for the futures brokerage business of Refco Inc. as other suitors joined the race, including a partnership of Los Angeles billionaire Ron Burkle and the Dubai government. Flowers pulled its $768-million bid after a U.S. Bankruptcy Court judge said it must sharply reduce a break-up fee included in the deal. U.S. broker-dealer Interactive Brokers Group has made the highest known offer.
BUSINESS
October 18, 2005 | From Bloomberg News
Refco Inc., the futures broker reeling from a bad-debt scandal, said late Monday that it had signed a preliminary agreement to sell its futures units to a group led by buyout firm J.C. Flowers & Co. for $768 million. The company also said it had filed for bankruptcy protection. New York-based Refco is moving forward with a sale to the Flowers-led group amid protests from would-be rivals.
BUSINESS
November 11, 2005 | From Bloomberg News
A former chief executive of Refco Inc. was indicted Thursday by a federal grand jury in New York on charges that he hid hundreds of millions of dollars in unpaid debt. The indictment means that Phillip R. Bennett must appear in court in coming days to enter a formal plea to the charges. The judge may also schedule a date for the trial. Bennett was arrested Oct. 11 on securities fraud charges and ordered to remain at his New York City home under house arrest.
BUSINESS
October 25, 2005 | From Reuters
Private equity firm J.C. Flowers & Co. on Monday withdrew its bid for the futures brokerage business of Refco Inc. as other suitors joined the race, including a partnership of Los Angeles billionaire Ron Burkle and the Dubai government. Flowers pulled its $768-million bid after a U.S. Bankruptcy Court judge said it must sharply reduce a break-up fee included in the deal. U.S. broker-dealer Interactive Brokers Group has made the highest known offer.
BUSINESS
October 15, 2005 | E. Scott Reckard, Times Staff Writer
James P. Lewis Jr., the Orange County money manager accused of fraudulently raising $311 million from investors over 20 years, has agreed to plead guilty to mail fraud and money laundering, federal authorities said Friday. Lewis, 59, faces as many as 30 years in prison for fleecing investors, many of them fellow Mormons whom he met through church contacts. He is scheduled to appear Monday before U.S.
BUSINESS
October 12, 2005 | From Associated Press
Refco Inc., one of the world's biggest commodities brokerages, said Tuesday it was cooperating with multiple investigations by regulators into its financial reports following the ouster of its chief executive. Refco also said in a news release that a $430-million debt to the company owed by a firm controlled by the ousted chairman and chief executive, Phillip R. Bennett, was hidden through secret transfers to an unnamed customer account.
Los Angeles Times Articles
|