I'm afraid the problem is that there's no money, or not anywhere like enough money to go around, and most likely there never was enough money. At best, I imagine RefcoFX is holding some IOUs from entities affiliated with it beneath the bankrupt Refco umbrella. Those IOUs and its stake in FXCM are its only assets, in other words. That RefcoFX has cash of any size I strongly doubt. I also doubt any money you sent to RefcoFX stayed in an account in its name very long. It simply became grist (along with all other customer deposits) for the shenanigans and hocus pocus of these intertwined, unregulated entities.
Below is excerpt of story on the wire today. Wonder just how much grimier, more sordid and complicated this story will become? _______________________________________ "Refco Inc. held offshore accounts with as much as $525 million in fake bonds, indicating the futures broker's troubles may be more extensive than previously reported, according to four people with direct knowledge of evidence gathered by U.S. prosecutors investigating Refco's collapse. New York-based Refco held the securities for Bawag P.S.K. Bank, Austria's fourth-largest bank, and Liquid Opportunity, an offshore hedge fund, under identification numbers that don't correspond to registered bonds, said the people, who declined to be identified because the investigations are ongoing. One person said Bawag and Liquid Opportunity had shares in six Anguilla companies, which in turn held the bonds. Liquid Opportunity and Bawag held shares in the six companies, which in turn held the bonds, according to a person with knowledge of the Refco accounts who didn't want to be identified because of the ongoing investigations by the Justice Department and the SEC. * * * * The companies, named for islands in the South Pacific and regions of Argentina, were incorporated on July 26, 2004, by a local agent, according to government records in Anguilla. Vanished They were initially listed as Refco creditors with a combined claim of $543 million, according to court filings prepared by Refco's lawyers. Unlike other creditors identified by Refco, none of the companies filed any legal papers in the bankruptcy case. Refco has since dropped four of the six from its creditors list and now says that it doesn't owe any money to the remaining two. In December, a judge overseeing Refco's bankruptcy authorized the creditors to subpoena former Refco executives, including Bennett, and Bawag for details about the six companies, court filings show. 'All of a sudden, half a billion dollars of liabilities just vanished,' said Howard Seife, a lawyer at Chadbourne & Parke in New York who represents Refco creditors. 'No one appeared on their behalf in court. It was as if they didn't exist.''' * * * * PlusFunds helped draw investors to Liquid Opportunity, and Liquid Opportunity in turn was a participant in the PlusFunds "platform,'' International Portfolio Analytics said in its 2001 statement. PlusFunds made money by investing client assets in all or some of the 41 hedge funds in the Standard & Poor's Hedge Fund Index. The company filed for bankruptcy protection on March 6.
The latest on the Refco situation.... VIENNA PROSECUTOR NEXT TO RIP REFCO'S BENNETT http://www.nypost.com/business/66130.htm
Speaking of Refco account holders, if you are one and are interested in trying to get your money back, please visit this site which more directly links to the yahoo group of the same name: http://www.refcofxaccountholders.com
Please pardon my ignorance, but can you please elaborate? Or, was that sarcasm and it just went over my head? Thanks