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Futures Broker Refco Going Under

danarhea

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All activity on the New York Stock Exchange by Refco, the largest independent futures broker, has been halted. This move came right after Refco attempted to sell off 30 percent of its assets, but was stopped from doing so by the Securities and Exchange Commission. The CEO of Refco, Phillip Bennett, has been indicted for securities fraud, and is free on a 50 million dollar bond. More indictments are expected. In additon, the NYSE is considering delisting Refco.

This development could end up rocking the stock market in a big way, and could eventually be as big of a scandal as Enron was. If you own shares in Refco, you are totally screwed, as all assets and shares in the company are now frozen.

Article is here.
 
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