Hints and tips:
...Marex was formed in 2006 from the European operations of bankrupt US futures broker Refco....
...Related link: Unlikely Refco candidate, with vision – FT...
...Later, the Securities Investor Protection Corporation said it was initiating the liquidation of MF Global Inc to recover clients’ money....
...Marex, which was formed from the European operations of bankrupt US broker Refco in 2006, in March announced the £94.5m acquisition of Spectron Group, a leading energy broker....
...As with Refco, the fall of MF Global has shocked Chicago’s traders. “All week people have been saying to me: ‘What am I going to do?...
...The story starts in 2005, with the bankruptcy of Refco — one of FXCM’s key white label partners which represented at the time as much as 40 per cent of total revenues to the business....
...Marex, which was formed from the European operations of bankrupt US broker Refco in 2006, has been in expansionary mode since it was bought by JRJ....
...The second case relates to protracted litigation by the bankruptcy trustee of Refco Inc, the failed futures broker, seeking damages from a number of the firm’s professional advisers, including its auditor...
...CME has dealt with the failure of clearing members before, including the 2005 unravelling of broker Refco. CME had no comment to make on the report....
...He later turned down a job offer from Goldman Sachs for one at Refco, a commodities and futures broker....
...Many observers reject the suggestion that the office has been less visible in recent years, pointing to cases including those against Refco, the commodities broker that unravelled in 2005, once-prominent...
...notes, its stake in WaMu could well be the worst private equity deal of all time (emphasis ours): Private equity firms have done hundreds of lousy deals over the deals, including such notable duds as Refco...
...GFI was founded in 1987 by former Refco executive Michael Gooch to act as a broker in the then-nascent OTC US government bond options markets....
...This happened to be the day that Refco, the futures broker, was brought down after its chief executive failed to disclose huge debts owed to the firm....
...Rumours surrounding the firm, which bought the defunct Refco the year before last, were spurious at best – a “repo issue” and/or “class action suits related to the rogue wheat trader” were the stories reaching...
...But Refco declared bankruptcy only five months after an initial public offering that valued it at $4bn. Someone should have asked more questions....
...In December, the SEC and Federal prosecutors charged a lawyer for Refco with drafting false offering documents and helping the company to hide debt....
...Mr Dooley, a former Refco trader who joined MF Global in November 2005, racked up the losses trading in his personal account....
...Michael Garcia, US attorney for the southern district of New York, said Mr Collins helped Phillip Bennett, Refco’s former chief executive, hide more than $1bn owed to Refco by a company owned partially by...
...“We had 15 to 20 traders who stayed about a month, some of them were from Refco,” says Richard Holowczak, director of the Subotnik Financial Services Center at the New York school....
...The firm has suffered a tumultuous year, most recently with partner Joseph Collins being indicted in Manhattan on fraud charges related to the collapse of trading firm Refco in 2005....
...A global firm with 1,500 lawyers, it was sued last week by Refco investors....
...Grant Thornton, which served as Refco’s auditors, said: “Responsibility for the Refco collapse lies [with the firm’s former management] …Our audit work met professional standards and statements by the examiner...
...In particular, the bottom dropped out of the market for some Refco debt because of concerns its lenders could be implicated in improper transactions at the failed commodity trader....
...was among Refco’s biggest shareholders....
International Edition