FXFORUM

 找回密碼
 注册
搜索
查看: 172746|回復: 481

[交易商] 瑞富门事件(REFCO)4亿3000万美圆财务丑闻

[複製鏈接]
發表於 2005-10-12 11:58:26 | 顯示全部樓層

瑞富门事件(REFCO)4亿3000万美圆财务丑闻

给REFCO108客户的公开信

http://www.fxforum.com/p/viewtopic.php?p=31289#31289

chf

www.FxForum.com Real Margin Trader

       
文章时间: 20060414 17:13:41








------------------------------------------------------------
周一,Refco Inc.(RFX)股价下跌近45%。此前,Refco称,该公司董事长兼执行长菲利普-R-班尼特(Phillip R. Bennett)控股的公司欠REFCO共4亿3000万美元 ,此事发现之后,班尼特被要求休假。



4亿3千万美金!!!
REFCOFX是否应该发个声明出来了。
 樓主| 發表於 2005-10-12 12:45:46 | 顯示全部樓層
Refco chief 'used hedge fund to mask debt'
  Financial Times

By Andrew Parker, David Wighton and James Politi in New York and Doug Cameron in Chicago

Updated: 12:40 a.m. ET Oct. 12, 2005
Phillip Bennett, the suspended chief executive of Refco, allegedly used a hedge fund to disguise $430m of debts owed by him to the futures broker.

The hedge fund, Liberty Corner Capital, was paid a fee for telling Refco's auditors that it owed the debts even though Mr Bennett's companies were liable, according to two people familiar with the internal inquiry.

Refco's shares have halved since Monday, when it placed Mr Bennett on indefinite leave and warned that its financial statements for the past four years could not be relied on because of accounting problems.

Refco said an internal review had discovered a receivable of $430m owed to it by a company controlled by Mr Bennett, which he repaid on Monday.

The Securities and Exchange Commission has opened an informal inquiry after the company admitted the receivable had not been disclosed as a related party transaction.

The tabular content relating to this article is not available to view. Apologies in advance for the inconvenience caused.

Shares in Refco, which fell 45 per cent on Monday, were suspended yesterday morning after the New York Stock Exchange demanded a fuller statement. After trading resumed, they closed down another 11 per cent, at $13.85. Refco sold almost $600m of shares in an initial public offering at $22 each in August.

People close to Refco's internal review said it was unclear how and why the $430m of debts had arisen.

They said the debts could represent personal trading losses by Mr Bennett or sums owed by Refco's clients, and possibly incurred during the Russian and Asian financial crises in the late 1990s.

Refco said it believed the receivable consisted "in major part of uncollectible historical obligations owed by unrelated third parties to [Refco] that arose as far back as at least 1998".

The broker said: "The fact the receivable was from a company controlled by Mr Bennett was hidden at the end of quarterly and annual reporting periods by reasons of transfers to a third-party customer account."

Liberty is believed to be the holder of the third-party customer account but people close to the internal review said it was unclear whether the fund had knowingly assisted Mr Bennett's efforts to disguise the $430m of debts. The debts appeared to have been moved from the company controlled by Mr Bennett to New Jersey-based Liberty just before the end of each quarter and subsequently passed back, said people familiar with the internal review.

Grant Thornton, Refco's auditor, received written confirmation from the hedge fund that the debts were owed by it. Refco said it was co-operating with the SEC and had also contacted the Commodity Futures Trading Commission, the NYSE and other regulators. A class-action lawsuit was filed in New York alleging Mr Bennett misled investors ahead of the flotation.

Refco said it had adequate liquidity to continue operations but the revelations have shaken the tight-knit broker community.

"eople overall are worried [and] their clients are worried," said one rival, noting that know-your-customer rules limited the ability of clients to switch business quickly.

Refcos credit rating was downgraded by both Standard Poors and Moodys, despite the repayment of the receivable, with the agencies citing the increased risk of regulatory uncertainties. Refco has said its financial statements since 2002 cannot now be relied on.

Mr Bennett, who was unavailable for comment, owns 38.4 per cent of Refcos stock while Thomas H Lee, the buyout firm, retains 38.2 per cent.

Copyright The Financial Times Ltd. All rights reserved.


REFCO股票价格跌了50%多
 樓主| 發表於 2005-10-12 12:48:56 | 顯示全部樓層
Oct 11, 2005 — NEW YORK (Reuters) - Futures and commodities broker Refco Inc. <RFX.N> was hit with a class-action lawsuit on Tuesday after its shares dropped 45 percent on news its chief executive was on leave amid a probe into a $430 million debt.

Law firm Lerach Coughlin Stoia Geller Rudman & Robbins LLP said it had started a lawsuit in the U.S. District Court for the Southern District of New York on behalf of those who bought Refco shares from the time the company went public on August 11 until October 7.

The complaint charges Refco and certain of its officers and directors with violations of the Securities Act and the Exchange Act.


有关律师(代表8/11 到10/7购买REFCO股票的投资者),已经在纽约南区法院对REFCO即其相关主管人员提起诉讼
:!:  :!:  :!:  :!:  :!:
發表於 2005-10-12 12:56:54 | 顯示全部樓層
我从你网页的联结里下载不到Refco的关闭账户的表格,哪里有?给我个连接或发到我的email里行吗?谢谢
 樓主| 發表於 2005-10-12 13:00:10 | 顯示全部樓層
[quote:e20e69b970="xiangxiang"]我从你网页的联结里下载不到Refco的关闭账户的表格,哪里有?给我个连接或发到我的email里行吗?谢谢[/quote]

http://www.refcofx.com/doc/refcowithdrawalform.pdf
發表於 2005-10-12 13:34:33 | 顯示全部樓層
据穆迪方面10月11日消息,穆迪投资服务公司表示下调瑞富集团(Refco Group Ltd., LLC)所有信用评级。瑞富集团是全球最大的非银行期货经纪公司。





穆迪作出上述决定是因瑞富首席执行长暂停工作,此前这家经纪公司发现他曾将4.3亿美元的公司资产转移至一家由他控制的公司。





鉴于瑞富称公司此前提交的财务报表将不具备可信性,穆迪表示对瑞富的公司治理及内部控制的有效性深感担忧。





穆迪指出在重新审核评级的过程中将关注瑞富的短期信用及流动风险,并将评估此次负面影响是否会损害公司客户关系及妨碍其业务发展。





以下是具体被调降的评级:





瑞富集团长期信用评级自B1降至B2;高级担保银行信用透支评级自B1降至B2;优先次级债评级自B3降至Caa1。  





瑞富集团子公司Refco Finance Inc的优先次级债评级自B3降至Caa1。





穆迪表示瑞富所有评级已被列入评级调降观察名单之中,仍有可能被继续调降。





(朱启红 编译)




發表於 2005-10-12 13:36:39 | 顯示全部樓層
可怕,fxcm怎么样 :idea:
發表於 2005-10-12 13:38:56 | 顯示全部樓層
與瑞富集团(Refco Group)的關係

福汇 (FXCM )是瑞富集团(Refco Group) 的成员之一。瑞富集团(REFCO)是一间全方位的金融机构,在全球14个国家营运,总计超过 2,400 名员工,拥有 200 亿美金的资产和超过25 0,000名 客户。瑞富集团 (REFCO) 是全世界最大的非银行期货交易商,同时也是全球衍生商品交易及清算的领导者。瑞富集团旗下的公司无论在美国或是在各地的交易所都拥有会员或席位,同时也是芝加哥、纽约、伦敦、法兰克福、巴黎及新加坡期货交易所中最活跃的会员。除了期货交易之外,瑞富集团在现金交易市场也占有举足轻重的地位,包括外汇现货、外汇期权、政府债券、国内外的资产、新兴市场债券、及場外交易的金融商品。瑞富是全球最大的清算公司之一。

身为瑞富集团的一员,福汇(FXCM)可以得到瑞富集团的财务支持、全球资源,以及良好的银行关系,来提供更好的服务予福汇的客户。这些 優勢 使得福汇(FXCM) 成为最大的外汇零售交易商 * ,也提供给这些想要寻找值得信赖、且资金安全为主的客户一个外汇交易的选择。福汇 (FXCM) 在服务机构投资人、或法人上不断的扩大基础,再加上瑞富全球资源的综效,福汇对国内外客户的服务可以更上一 层楼。尽管福汇集团因此而有资本帐的调整,与更宏大的企业遠景,但是客户大可对福汇有信心,我们会以“为客户 提供 最良善的外汇交易服务”为企业的永续经营理念。




看看FXCM这个儿子的嘴脸 :mrgreen:
上面说 “福汇(FXCM)可以得到瑞富集团的财务支持、全球资源,以及良好的银行关系,来提供更好的服务予福汇的客户”

现在REFCO出事了又冒出下面这种说法,真是一张嘴什么都能用,估计REFCO的人要说XXX了 :wink:
福汇任我行
汇市一级士官


注册时间: 2004-11-30
帖子: 52

发表于: Wed Oct 12, 2005 9:26 am    发表主题: Refco的丑闻风波对FXCM有没有影响?请站长说明!   

--------------------------------------------------------------------------------

Refco的丑闻风波对FXCM有没有影响?请站长说明!
_________________
<-----福汇任我行---->!
Yeah!

返回页首      


站长
Site Admin


注册时间: 2004-03-08
帖子: 434

发表于: Wed Oct 12, 2005 12:12 pm    发表主题:   

--------------------------------------------------------------------------------

完全没有影响 FXCM是完全独立的公司 财务也是完全独立
發表於 2005-10-12 13:43:07 | 顯示全部樓層
Refco puts CEO on leave, shares drop 45 percent Monday 10 October
By Chris Sanders
NEW YORK, Oct 10 (Reuters) - Refco Inc.'s (RFX.N: Quote, Profile, Research) shares sank 45 percent on Monday after the commodities broker put its chief executive on leave and launched an investigation into $430 million it was owed by an entity he controlled. The company, which went public in August and is one of the world's largest and most powerful commodities and futures dealers, also said it would probably delay filing its 10-x quarterly financial statement with securities regulators for the quarter ended Aug. 31. Company shares lost $1.65 billion of market value on Monday.
Refco said it asked CEO Phillip Bennett, who is also chairman, to take a leave of absence after discovering the receivable of about $430 million. The money was repaid with interest by Bennett on Monday. A lawyer representing Bennett d not return a call for comment.
Santo Maggio, president and chief executive of Refco Securities LLC and Refco Capital Markets, Ltd., was also asked to take a leave of absence. Thomas H. Lee Partners' Co-President Scott Schoen, whose private equity firm owns about 39 percent of Refco's shares, said Maggio was also found to have "some level of knowledge" of the receivable. Refco has hired independent counsel and forensic auditors to help its board investigate issues related to Bennett. At the same time, Schoen was named chairman of a newly formed Board of Directors executive committee.
The company said in a memo to employees that it had "ample liquidity" to carry on with its business and that it d not expect any impact on day-to-day operations from the internal review. The review thus far has shown Bennett, without telling the company, gained control of the $430 million receivable it had considered possibly uncollectable. Details of the review have been reported to all relevant regulators, the company said.
Had Bennett disclosed his control of the receivable, the company's financial statements would have reflected that.
But given the way the debt was accounted for, Refco said it determined that financial statements for 2002, 2003, 2004 and 2005 are not reliable. The financials will likely be restated, said Banc of America Securities analyst Michael Hecht in a research note. ,"Given the company's prior accounting and regulatory issues, this is likely to have a meaningful negative impact on the stock today," Hecht added.
Bennett took over running Refco in 1998. At the time Refco's then-chairman Thomas Dittmer described Bennett as having a "bullet proof" track record of sound decision making and a "recognized financial stature".
He had joined Refco in 1981 from Chase Manhattan Bank, where he worked in credit and commercial lending. By 1983, he was chief financial officer at Refco.
Refco has wrestled with regulatory issues in the past. In mid-May, the Securities and Exchange Commission told the broker it was likely to recommend civil action against the company following a probe of short sales of stock by the company.
The broker said it cannot estimate when its 10-x filing will be made or when the audit committee will finish its investigation.FWilliam Sexton, who recently announced his resignation as Refco's chief operating officer, will instead remain with the company and has been appointed CEO. Joseph Murphy, CEO of Refco Global Futures and President of Refco LLC was named President of Refco Inc. and Refco Capital Markets. Refco said it believes all customer funds on deposit are unaffected by the issues surrounding the receivable.

Refco, shares of which rose 25 percent in their August market debut, has operations in 14 countries and a large global derivative clearing operation.
It is among the most active futures brokers on exchanges in Chicago, New York, London and Singapore and a player in cash foreign exchange, international equities and debt markets. The company's shares closed down $12.96, to $15.60 in trading on the New York Stock Exchange. (Additional reporting by Dan Wilchins)



Santo Maggio, president and chief executive of Refco Securities LLC and Refco Capital Markets, Ltd., was also asked to take a leave of absence. Thomas H. Lee Partners' Co-President Scott Schoen, whose private equity firm owns about 39 percent of Refco's shares, said Maggio was also found to have "some level of knowledge" of the receivable.

这个RCM的头也下了,就是那个REFCO108的全球总裁+CEO
發表於 2005-10-12 16:52:30 | 顯示全部樓層
大家不要胡乱猜测了,据了解实际情况是这样的:

1、Refco通过内部审查发现了首席执行官兼董事长,菲利普•R•贝纳特(Phillip R. Bennett)控制的另一公司,欠了refco一笔应收账款,数目近4.3亿美元。需要注意的是,贝内特立即以现金偿还了该笔欠款及其所有利息。

根据迄今调查的结果,refco相信此笔应收账款是由于贝纳特控制的另一公司承受了非相关的第三方公司历史债务的结果。同时refco相信所有客户存放的资金都未受这一事件的影响。

2、此笔应收账款已反映在refco公司早期的财务报告以及2005年5月31日的资产负债表上。但此账款在这些报表里都未表明是关联公司的交易。因此经审计委员会与refco公司的独立会计师咨询之后,refco公司在2005年10月9日决定,截至2002年2月28日,2003年2月28日,2004年2月28日,2005年2月28日,以及2005年5月31日期间的全部财务报表总体的及个别的Refco Inc., Refco Group Ltd., LLC及 Refco Finance, Inc.,报表不可再作为依据。

同时应董事会的要求,贝纳特先生已休假。

事件还在调查之中,所以希望大家稍微耐心地等待一下调查结果吧。
發表於 2005-10-12 17:20:20 | 顯示全部樓層
胡乱?你才是胡乱呢。
除了REFCO的狗腿,谁会有你这种滑稽的逻辑。

有关律师(代表8/11 到10/7购买REFCO股票的投资者),已经在纽约南区法院对REFCO即其相关主管人员提起诉讼
这个重要事实你看不到? 你以为这是在中国股票市场呀? 你怎么可以保证这不是第2个安然。这种集体诉讼可以让这个公司整个歇菜,特别象REFCO这样的庞大动物,有一个如此大的窟窿就不知道到底有多深。
發表於 2005-10-12 17:28:46 | 顯示全部樓層
[quote:675eb7c9f0="hu"]
與瑞富集团(Refco Group)的關係

福汇 (FXCM )是瑞富集团(Refco Group) 的成员之一。瑞富集团(REFCO)是一间全方位的金融机构,在全球14个国家营运,总计超过 2,400 名员工,拥有 200 亿美金的资产和超过25 0,000名 客户。瑞富集团 (REFCO) 是全世界最大的非银行期货交易商,同时也是全球衍生商品交易及清算的领导者。瑞富集团旗下的公司无论在美国或是在各地的交易所都拥有会员或席位,同时也是芝加哥、纽约、伦敦、法兰克福、巴黎及新加坡期货交易所中最活跃的会员。除了期货交易之外,瑞富集团在现金交易市场也占有举足轻重的地位,包括外汇现货、外汇期权、政府债券、国内外的资产、新兴市场债券、及場外交易的金融商品。瑞富是全球最大的清算公司之一。

身为瑞富集团的一员,福汇(FXCM)可以得到瑞富集团的财务支持、全球资源,以及良好的银行关系,来提供更好的服务予福汇的客户。这些 優勢 使得福汇(FXCM) 成为最大的外汇零售交易商 * ,也提供给这些想要寻找值得信赖、且资金安全为主的客户一个外汇交易的选择。福汇 (FXCM) 在服务机构投资人、或法人上不断的扩大基础,再加上瑞富全球资源的综效,福汇对国内外客户的服务可以更上一 层楼。尽管福汇集团因此而有资本帐的调整,与更宏大的企业遠景,但是客户大可对福汇有信心,我们会以“为客户 提供 最良善的外汇交易服务”为企业的永续经营理念。




看看FXCM这个儿子的嘴脸 :mrgreen:
上面说 “福汇(FXCM)可以得到瑞富集团的财务支持、全球资源,以及良好的银行关系,来提供更好的服务予福汇的客户”

现在REFCO出事了又冒出下面这种说法,真是一张嘴什么都能用,估计REFCO的人要说XXX了 :wink:
福汇任我行
汇市一级士官


注册时间: 2004-11-30
帖子: 52

发表于: Wed Oct 12, 2005 9:26 am    发表主题: Refco的丑闻风波对FXCM有没有影响?请站长说明!   

--------------------------------------------------------------------------------

Refco的丑闻风波对FXCM有没有影响?请站长说明!
_________________
<-----福汇任我行---->!
Yeah!

返回页首      


站长
Site Admin


注册时间: 2004-03-08
帖子: 434

发表于: Wed Oct 12, 2005 12:12 pm    发表主题:   

--------------------------------------------------------------------------------

完全没有影响 FXCM是完全独立的公司 财务也是完全独立
[/quote]

呵呵,说到点子上了
發表於 2005-10-12 17:44:14 | 顯示全部樓層
REFCO本来就是不规矩事情比较多,比如REFCO108在香港就是无牌照经营。
那个自称是REFCO108中国代理的凯丰在上海就是非法运做销售保证金交易,更恶劣的是这个注册在一个小岛上的公司居然还在上海直接收RMB到一些个人帐户上,然后说是从上海转到新加坡再转到香港REFCO,整个晕,最关键是怎么从上海转出去,地下钱庄???
發表於 2005-10-12 18:09:12 | 顯示全部樓層
[quote:257994624f="tom"]胡乱?你才是胡乱呢。
除了REFCO的狗腿,谁会有你这种滑稽的逻辑。

有关律师(代表8/11 到10/7购买REFCO股票的投资者),已经在纽约南区法院对REFCO即其相关主管人员提起诉讼
这个重要事实你看不到? 你以为这是在中国股票市场呀? 你怎么可以保证这不是第2个安然。这种集体诉讼可以让这个公司整个歇菜,特别象REFCO这样的庞大动物,有一个如此大的窟窿就不知道到底有多深。[/quote]

Events at Refco will ``naturally give rise to regulatory inquiries and shareholder litigation,'' said Jacob S. Frenkel, a former Securities and Exchange Commission enforcement attorney who is now in private practice with Shulman Rogers in Rockville, Maryland. ``Experience tells us that the long arm of litigation will reach to the company, the individuals and the accountants. You would expect to see the SEC and the Department of Justice knocking on doors.''

楼上的那兄弟说话那么冲,这样的事件发生以后“自然会引发常规调查以及股东的质询”
事件的发展会怎么样谁都不能下定论,我只是提醒各位注意
1、Refco通过内部审查发现了这个事件,同时,贝内特立即以现金偿还了该笔欠款及其所有利息。该事件目前也只被定义为关联交易。此笔应收账款是由于贝纳特控制的另一公司承受了非相关的第三方公司历史债务的结果。同时refco所有客户存放的资金都未受这一事件的影响。

2、此笔应收账款已反映在refco公司早期的财务报告以及2005年5月31日的资产负债表上。但此账款在这些报表里都未表明是关联公司的交易。因此经审计委员会与refco公司的独立会计师咨询之后,refco公司才在2005年10月9日决定,2002年2月28日至05年5月31日的报表不可再作为依据。

事件还在调查的过程中,你就急急忙忙把refco与安然相提并论,结论下的太早了吧。
话题扯得远一点,如果是国内公司,内部审计就算出了问题也不会公诸于众的吧!
發表於 2005-10-12 18:28:19 | 顯示全部樓層
[quote:8c191b49c2="everok"]
Oct 11, 2005 — NEW YORK (Reuters) - Futures and commodities broker Refco Inc. <RFX.N> was hit with a class-action lawsuit on Tuesday after its shares dropped 45 percent on news its chief executive was on leave amid a probe into a $430 million debt.

Law firm Lerach Coughlin Stoia Geller Rudman & Robbins LLP said it had started a lawsuit in the U.S. District Court for the Southern District of New York on behalf of those who bought Refco shares from the time the company went public on August 11 until October 7.

The complaint charges Refco and certain of its officers and directors with violations of the Securities Act and the Exchange Act.


有关律师(代表8/11 到10/7购买REFCO股票的投资者),已经在纽约南区法院对REFCO即其相关主管人员提起诉讼
:!:  :!:  :!:  :!:  :!:[/quote]
發表於 2005-10-12 20:03:08 | 顯示全部樓層
置顶关注!这可是考验的时候了,嗬嗬。楼上的兄弟说得欠妥
内部审计就算出了问题也不会公诸于众的吧!
REFCO现在可是上市公司,不管出了什么问题,都应该公诸于众。而且我们是做外汇的,当然更关心交易商的信誉了!它不把情况说清楚,就要诉讼诉讼,不是法制国家嘛 :  :twisted:
發表於 2005-10-12 21:12:22 | 顯示全部樓層
关联交易主要目的可能是避税。但是在财务报表中未标明就涉嫌欺骗公众股东了。
發表於 2005-10-13 04:12:04 | 顯示全部樓層
那么 refcofx 客户需要担心吗?
發表於 2005-10-13 09:44:54 | 顯示全部樓層
不用那么紧张吧,那个CEO不是连本带息都已经还上了吗。利益受损的主要是瑞富的其它股东。
 樓主| 發表於 2005-10-13 11:43:35 | 顯示全部樓層
  
Former Refco chief indicted over debt
By David Litterick in New York and James Moore (Filed: 13/10/2005)


Phillip Bennett, the former chief executive of Refco, was yesterday indicted on charges of securities fraud over hundreds of millions of dollars he allegedly owed to the derivatives broker.



US prosecutors arrested Mr Bennett late on Tuesday night. He was due to appear before magistrates in a New York court yesterday.
Mr Bennett is alleged to have deliberately hid debts owed to Refco by his private firm Refco Global Holdings.




"When those related party transactions were disclosed to the market... the stock price plummeted, leading to a loss to investors of over a billion dollars," prosecutors claimed.

It also emerged that the company warned that its auditors Grant Thornton had discovered weak financial controls in its prospectus prior to its flotation and that it had to pay a $42m settlement related to an employee fraud.

The complaint alleges Mr Bennett used his private firm, Refco Global Holdings, to transfer debts off Refco's balance sheet.
They also allege he filed false registration documents for the company's recent stock market flotation.

News of the arrest and charges came as Refco's shares tumbled for the third successive day.

Neither America's Securities and Exchange Commission (SEC) or the UK Financial Services Authority were prepared to comment. Refco's shares were down 23pc at $10.69 yesterday.

The plunge began on Monday, when Refco said it could no longer vouch for the accuracy of its past four years of financial statements. An internal review had uncovered hidden related party transactions totaling $430m, now being investigated by the SEC, a team of forensic accountants and criminal prosecutors.

The attorney general said the amount owed had been as high as $540m. Refco says Mr Bennett had repaid the money with interest and insists it had "ample liquidity".

Mr Bennett is alleged to have paid a third party to hide the debts - understood to stem from losses dating back to 1998 when a client suffered significant losses during the Russian debt default and Asian currency crisis.

Mr Bennett's company later assumed control of the losses, but it is alleged they were transferred to at the end of each quarter to keep them off Refco's books, then passed back soon after.

The lead underwriters in the IPO, Goldman Sachs, Credit Suisse First Boston and Bank of America securities refused to comment yesterday, though in a research note, CSFB suspended coverage of Refco stock, saying: "Given the fact that we cannot rely on current and prior period financial statements and do not know the timeframe and scope of the current investigation…We no longer believe that we have adequate information and context to form an opinion on the value of the shares."

Jeff Harte, managing director of research group Sandler O'Neill believes lawsuits against the banks will be filed "sooner rather than later", though he added that "due diligence related liability remains a wild card." Sandler O'Neill, along with Merrill Lynch, JP Morgan, HSBC and Deutsche Bank, was a co-manager of the IPO.

Refco has already been hit with five class action suits on behalf of investors, claiming the company breached securities laws Refco auditor Grant Thornton said it was continuing its own investigation.

It said: "It is clear that a receivable from a related party was specifically hidden from us as Refco's auditor by transfers to third party customer accounts. If he is responsible for this deception, we believe this would support serious charges."


Bennett已经被抓

Refco Global Holdings 居然是他的私人公司? 如果这样,到底有多少REFCO xxxx是属于一些私人名下的?
 樓主| 發表於 2005-10-13 11:59:27 | 顯示全部樓層
[quote:e577339839="gecko"]不用那么紧张吧,那个CEO不是连本带息都已经还上了吗。利益受损的主要是瑞富的其它股东。[/quote]

Lawyers jockey for lead role as Refco suits mount
Wed Oct 12, 2005 7:50 PM ET

  
By Bill Rigby
NEW YORK, Oct 12 (Reuters) - At least nine law firms, including those of class-action heavyweights Bill Lerach and Melvyn Weiss, are already jostling for the spoils of suing scandal-hit broker Refco Inc. (RFX.N: Quote, Profile, Research) on behalf of shareholders.
Hundreds of millions of dollars in awards and fees are potentially at stake as shares of the commodity and futures broker crumble in the face of a criminal indictment of its ousted chief.

And in a new twist, law firms are even attacking each other publicly as the race to recruit shareholder clients gets under way.

Lawyers sensed blood as soon as Refco put its chief executive on leave on Monday, over debts a company he controlled owed Refco, sending its shares down 45 percent. On Tuesday, law firm Lerach Coughlin filed a fraud suit on behalf of shareholders against Refco in New York, charging the company misled investors in its initial public offering in August.

Three other law firms have since filed suits, all seeking class action status. A further five law firms have "announced" lawsuits against Refco, but do not make it clear whether they have actually filed them.

The prize is the right to represent the lead plaintiff -- which is determined by a judge if the case comes to court -- and therefore to win a hefty slice of any awards won in court through the contingency fee system.

The chances of winning a case against Refco got a boost on Wednesday as Phillip Bennett, the company's ousted chief, was charged with securities fraud by federal attorneys in New York.

According to prosecutors, when Refco went public two months ago in a $583 million float, Bennett and others concealed hundreds of millions of dollars in related party transactions, making the company look stronger than it was.
As the stakes heated up, Lerach Coughlin -- headed by self-styled corporate crusader Lerach -- took a swipe at rival Schatz & Nobel, accusing the firm of trying to poach clients.

"This firm has not even filed a complaint," Lerach Coughlin said in a statement. A press release put out by Schatz "appears to be an advertisement designed to solicit clients so that the firm can participate in this case," Lerach's firm said.

Lerach, along with former partner Melvyn Weiss, pioneered and dominated the business of shareholder lawsuits over the past two decades, eventually splitting their law firm into two last year. Weiss' firm, Milberg Weiss, also announced a class action suit against Refco on Wednesday


Schatz's release does not claim to have filed its own suit against Refco, and a link on the law firm's Web site takes readers to a copy of the suit filed by Lerach's firm. The firm did not answer a call seeking comment.

Such enterprising methods surprised some legal veterans.

"I haven't heard of that happening before, but that doesn't mean it hasn't happened," said Joseph Grundfest, a professor at Stanford Law School with a special interest in shareholder suits. "But it is common for a large number of complaints to be filed and for there to be vigorous litigation among law firms and lead plaintiffs over who actually gets to control the case."

The shareholder which wins the contest to be lead plaintiff, decided by the judge, then appoints the lead counsel. The lead counsel law firm can get up to 30 percent of awards, under the "no win, no fee" contingency system.


至少9家律师事务所已经介入,这些律师都是希望REFCO赔款以便律师可以获得利益的。

According to prosecutors, when Refco went public two months ago in a $583 million float, Bennett and others concealed hundreds of millions of dollars in related party transactions, making the company look stronger than it was.

既然REFCO的管理层可以如此粉饰帐户,谁怎么可能保证他们不在玩其他东西?
發表於 2005-10-13 13:19:06 | 顯示全部樓層
speculation that the Refco controversy may have wider implications for
U.S. markets


连外汇分析里面都有认为 REFCO事件可能波及整个美国市场
發表於 2005-10-13 13:38:59 | 顯示全部樓層
:shock: REFCO这么复杂,晕...私人公司?!!CEO?!!
發表於 2005-10-13 18:02:21 | 顯示全部樓層

Refco Loses Clients, Trade-Account Cash After Chief's Arrest

Oct. 13 (Bloomberg) -- Refco Inc. customers are switching to other brokers and pulling money from their trading accounts following the arrest of suspended Chief Executive Officer Phillip Bennett on fraud charges.

Jerome Israelov, a wheat trader at the Chicago Board of Trade who uses Refco to match his transactions, will today cut the funds he keeps on account at the broker by at least half, and he said many of his peers are doing the same. Competitors including Chicago-based Peregrine Financial Group Inc. said they have won clients that ditched Refco this week.

Refco, the biggest independent U.S. futures broker, said on Oct. 10 that Bennett hid $430 million in unpaid debts dating to 1998, and that its accounts for the past three years couldn't be relied on. Back in 1994, Refco was fined $1.25 million for dipping into customer accounts to pay loans, borrowing as much as $123 million from the funds on an ``almost daily basis,'' the Commodity Futures Trading Commission said at the time.

``Whether or not funds are at risk or whatever, there's the attitude of, `why would I allow someone that has done this type of thing to receive income from me?''' said Russ Wasendorf Sr., chairman and CEO of Peregrine. ``The investor is simply saying, `listen, I am going to vote with my feet.'''

Refco spokesman Rob Solomon said the company is cooperating with authorities. He declined to comment further.

Exodus

A client exodus may halt a three-year surge in revenue at Refco, after sales grew 60 percent and customer funds almost doubled.

By Aug. 31, Refco had $4.9 billion in customer accounts, making it the eighth-biggest futures broker by that measure after banks such as Goldman Sachs Group Inc. and Citigroup Inc.

``I usually keep about $100,000 in my account, and I will reduce that to $30,000 or $40,000 or $50,000,'' Israelov said yesterday. He is one of dozens of independent traders, known as locals, who use Refco at futures exchanges in Chicago. ``There are other locals that are also reducing the amount of money they are keeping,'' he said.

Refco in 1994 transferred customer funds from segregated accounts into non-segregated accounts without disclosing the transactions to customers, the CFTC said. Refco agreed to pay the fine, without admitting or denying the allegations.

Futures brokers are required to keep customers' money in accounts separate from their own funds and to report daily to regulators on the amounts held. Because of those safeguards, that money is probably safe, Israelov and Wasendorf said.

Futures are agreements to buy or sell assets at a set date and price.

Hidden Millions

``It's my belief that customer funds are segregated and not at risk,'' Israelov said in a phone interview. ``But there's no reason to keep that kind of sponge in there.''

Traders often keep extra money in their accounts to save having to top them up should some transactions causes losses.

The CFTC, which regulates the futures industry, has the power to freeze customer accounts should it believe the funds to be in jeopardy, Commission spokesman Alan Sobba said. He declined to comment on Refco.

Bennett, 57, and unnamed accomplices ``hid from investors and regulators hundreds of millions of dollars that one of Bennett's companies owed to Refco,'' U.S. Attorney Michael Garcia said yesterday. By hiding the transactions, Bennett may have helped Refco appear more financially sound as it and underwriters including Credit Suisse First Boston prepared for a $583 million initial public offering in August.

Criminal Complaint

Refco shares have plunged 62 percent, to $10.85, this week since the company disclosed Bennett's role in hiding the debt. Thomas H. Lee Partners LP, the Boston-based buyout firm that invested in the company before the IPO, lost as much as $870 million. Thomas H. Lee's Equity Fund V bought a controlling stake in Refco at the equivalent of $8 a share in 2004.

A six-page criminal complaint against Bennett lays out a scheme that the government claims began at least as early as 2004 and continued through this month.

According to U.S. officials, Bennett used loans as large as $545 million to a customer to conceal debt owed to Refco by a separate company that he controlled, Refco Group Holdings Inc.

``These events are distressing,'' said John Damgard, president of the Washington-based Futures Industry Association, which represents brokers' interests. ``But no customer money has been affected.''

Bennett paid the debt back with accrued interest on Oct. 10, Refco said.

Trigger

Standard & Poor's and Moody's Investors Service both lowered their ratings on Refco's debt this week and said they were considering further downgrades.

``Our credit ratings are important to our liquidity,'' Refco said in a regulatory filing before its IPO. ``A reduction in our credit ratings could adversely affect our liquidity and competitive position, increase our borrowing costs, limit our access to the capital markets or trigger our obligations under bilateral provisions'' in some contracts.

Traders say they aren't taking any chances.

``People don't want to do business with anyone who is fooling around with the numbers,'' said Ray Cahnman, chairman of trading company Transmarket Group in Chicago. Transmarket lost some of its futures traders last year to Refco. ``In this business, you've got to be pristine.''

To contact the reporter on this story:
Ann Saphir in New York at  asaphir@bloomberg.net.

Last Updated: October 13, 2005 00:06 EDT

这个Refco Group Holdings Inc就类似于巴林银行里面Nick Leeson的account# 88888,作用是用来让Refco Inc.的财务报表显得更健壮从而在IPO中卖个更好的价钱。如果这笔未收回的债务在财务报表中体现出来,Refco Inc.的IPO价格就会比当时低。这自然也影响到8月份IPO后在二级市场上购买Refco Inc.股票的投资者。

多成立几个公司就是好,可以将不良资产或债务来回来去转,如果每个公司的审计时间都不一样,那就更爽了,审到哪个公司就将哪个公司的不良资产或债务都转到自己控制的其它公司去。那些在国外用一堆信用卡互相pay balance还债的人也是利用得这种手段。我们国内由所谓的“汇金公司”向4大商业银行注资,商业银行的资本金充足了,等于不良资本转移到了“灰烬公司”了,还不是一样?

这次Refco Inc.这笔的关联交易能在IPO前既躲过了承销商又躲过了独立审计机构,而且如果不是Refco Inc.自己将之捅了出来(怀疑是内部权力斗争的结果),到现在大家也不知道。这说明要么是那些查balance sheet的不仔细要么就是他们也乐于睁一只眼闭一只眼(自然对他们自己有好处,倒霉的都是不知情的股东)。
 樓主| 發表於 2005-10-13 18:10:45 | 顯示全部樓層
customers are switching to other brokers and pulling money from their trading accounts following the arrest of suspended Chief Executive Officer Phillip Bennett on fraud charges.


客人正在从REFCO帐户中撤回资金转到其他经纪商
發表於 2005-10-13 23:05:45 | 顯示全部樓層
Standard & Poor's and Moody's Investors Service both lowered their ratings on Refco's debt this week and said they were considering further downgrades.

``Our credit ratings are important to our liquidity,'' Refco said in a regulatory filing before its IPO. ``A reduction in our credit ratings could adversely affect our liquidity and competitive position, increase our borrowing costs, limit our access to the capital markets or trigger our obligations under bilateral provisions'' in some contracts.


评级被SNP,MOODY降低了,REFCO在IPO前说明,信用评级降低将影响自己的流动性以及竞争地位,增加成本等。。。
 樓主| 發表於 2005-10-14 00:37:18 | 顯示全部樓層
13 Oct 2005 16:31 GMT


Refco says liquidity of Capital Markets unit dries up
SAN FRANCISCO (AFX) -- Refco Inc. said on Thursday that its Refco Capital Markets Ltd. unit doesn't have enough liquidity to keep operating as the futures broker reels in the midst of a scandal.

Refco announced a 15-day halt on customer withdrawals from the division to protect the value of the enterprise. The subsidiary represents a material portion of Refco's business, the company added.

Refco also said it's hired Arthur Levitt, former chairman of the Securities and Exchange Commission and chairman of the American Stock Exchange, and Eugene Ludwig, ex-U.S. Comptroller of the Currency and chief executive of Promontory Financial Group LLC, as special advisors to its board of directors.

Goldman Sachs has been tapped as Refco's financial advisor, the firm added.

Shares of Refco, the largest independent futures broker in the U.S., have slumped this week as a scandal emerged allegedly involving Chief Executive Phillip Bennett and as much as $545 million in hidden debt.

Bennett has been arrested and was charged on Wednesday with securities fraud by the U.S. Attorney for the Southern District of New York in Manhattan.

Refco stock slumped 27% to $7.90 on Thursday morning before trading was halted.

The shares have lost more than two-thirds of their value this week.

Refco also said on Thursday that regulatory capital and excess regulatory capital at Refco LLC, its regulated Futures Commission Merchant, and Refco Securities LLC, its regulated broker dealer, have been substantially unaffected by the scandal.

"The business at these subsidiaries is being conducted in the ordinary course including customer deposit and withdrawal of segregated funds," the company said.



This story was supplied by MarketWatch. For further information see www.marketwatch.com.




REFCO 通报 RCM的客户15天内不可以提款
 樓主| 發表於 2005-10-14 00:44:16 | 顯示全部樓層
注意那个REFCO108 许强的公司就是自称 Refco Capital Markets ,而这里REFCO总部已经声明了15天禁止提款,我们这里应该没有在那里开户的吧??
發表於 2005-10-14 01:48:32 | 顯示全部樓層
呵呵。愈演愈烈了。

Refco下面的分公司子公司还真多。在Google上查了一下,好像这个Refco Capital Markets是专门针对亚洲客户设立的。注册地在百慕大,CEO Santo Maggio已经离职了。
Refco Capital Markets, Ltd.
  48 Par La Ville Rd. Suite 542
  Hamilton HM11, Bermuda
 樓主| 發表於 2005-10-14 02:04:03 | 顯示全部樓層
BULLET: Industry news: A couple of traders say that the FX...
Industry news: A couple of traders say that the Refco FX trading
platform has been devoid of prices since around midday and one links
that development to earlier reports that Refco imposed a 15 day
moratorium on its Refco Capital Markets Ltd subsidiary. Separately, S&amp
just announced a ratings downgrade of Refco Group and placed ratings on
negative watch.

Provided by: Market News International


连老外也感觉到REFCOFX的平台价格不太爽了。
您需要登錄後才可以回帖 登錄 | 注册

本版積分規則

QQ|手机版|Archiver|FXFORUM

GMT+8, 2018-12-13 07:58 AM

Powered by Discuz! X3.2

© 2001-2013 Comsenz Inc.

快速回復 返回頂部 返回列表