Quite sad considering it was really of no fault of their own in terms of how they run their business with the exception of getting rid of TT and forcing everyone onto refco pro
Refco Prez (apparently) ran off with all the IPO money... Refco ex-CEO pleads not guilty to fraud charges - Reuters.uk Google: refco, fraud Bad for our whole industry....hate to see it happen. Don Refco ex-CEO pleads not guilty to fraud charges Sat Nov 19, 2005 12:18 AM GMT Printer Friendly | Email Article | RSS (Page 1 of 2) Related Pictures By Dan Wilchins NEW YORK (Reuters) - Former Refco Inc. (RFXCQ.PK: Quote, Profile, Research) Chief Executive Phillip Bennett pleaded not guilty on Friday to eight counts of conspiracy, fraud and other charges related to an accounting scandal that drove the futures brokerage into bankruptcy. Bennett, 57, is accused of hiding hundreds of millions of dollars in bad debts from Refco investors as the New York-based company went public in August. Refco was the largest U.S. independent futures and commodities brokerage before the scandal prompted customers to abandon the firm, forcing Refco to file for bankruptcy last month. No trial date was set by Federal Judge Naomi Reice Buchwald in the U.S. District Court, but the next hearing will be held on January 18. Bennett was charged with one count of securities fraud on October 12, initially accused of hiding about $430 million he owed the company from investors and auditors ahead of the company's $583 million initial public offering. Investigations continued and on November 10 Bennett was indicted on eight charges related to the accounting scandal. Several of the counts hold penalties of 20 years in jail. Bennett was released on a $50 million bond but confined to his penthouse on New York's ritzy Park Avenue and monitored electronically. He also had to surrender his passport. His lawyers asked the court on Friday if Bennett could go to his main residence in New Jersey and be relieved from wearing an electronic ankle bracelet to monitor his movements. Federal prosecutors objected to removing the monitoring device, arguing the risk of flight was too high, but had no objections to allowing Bennett to go to his New Jersey home. RISK OF FLIGHT Continued ...
that doesnt answer the question of what happened to it. as far as i know RTS is still operating. I know 2 people who work there and I would think they would have told me if they werent working anymore...
Our traders are welcome to take money whenever they like..and we keep a $10 million cushion of our money in the traders side of the LLC...100 times SIPC protection, just FYI. All the best, Don
I'd guess that any firm that isnt highly rated credit-wise and rep wise is experiencing client defections.