17.000 Refcofx retail clients are more and more active these days in an attempt to get their deposits back. They are contacting news outlets, TV programs , members of the congress.....
Turns out this is not a Refco issue any more, it's rather Refco USA
issue. Refco clients in some other countries (Canada, India) were able to save their deposits. The only rotten one is Refco America, the largerst independent broker in the richest country in the world.
Here is a typical letter addressed to the press:
"I am writing this letter in regards to Refcofx situation. As you are aware, the big creditors (such as Bank of America, Wells Fargo) are attempting to steal the money from us small retail clients at Refcofx. I live in Canada and chose to open my forex account with American branch of Refco 4 years ago, although I had a choice of Refco Canada as well. I thought USA was the safest place to invest the money, you can see how wrong I was. Refco Canada clients haven't lost a penny of their deposits, the same at Refco India, they all got their money back, and Refco USA of all is on the way to ruin 17.000 small retail clients from all over the world, many of them with life savings invested there.
This kind of outcome is very surprising to me and American Government should do everything in their power to insure that all client deposits are safe and returned to their rightful owners. Refco was your largest independent broker and this outcome is very bad for your country's image. I know, if I don't get my funds back, this would be the last dollar ever invested or in any way sent to the USA".
Also, I was expecting more support from our fellow traders from all over the world and especially here in the States. Insted, poor Refcofx clients were spammed by other brokers (vultures) to switch with them, although there was nothing to switch, the money was frozen from October.
I know that ET is visited by some of the best and brightest traders and officals in our industry and they could help get the word out about these people's catastrophy.
Please don't just turn your head the other way and try to forget this. Today it's refco, and tomorrow could be any of your brokers.
I think we should help each other.