Thursday, 18 September 2014
Last updated 17 hours ago
Feb 21 2008 | 7:32am ET
For the second time in as many weeks, a former executive of collapsed futures broker Refco has pleaded guilty to fraud.
Robert Trosten, who served as CFO until 2004, a year before the firm collapsed, admitted he helped hide hundreds of millions in losses from banks, auditors and investors. One of the latter, Boston private equity giant Thomas H. Lee Partners, paid $507 million for a 57% stake in Refco, which also provided clearing and prime brokerage services, in 2004.
Refco hid the losses in a company controlled by former CEO Phillip Bennett, who is facing life in prison after pleading guilty on Friday. Santo Maggio, who headed the firm’s offshore unit, pleaded guilty in December. Refco’s former president, Tone Grant, and a former outside lawyer to the futures broker, Joseph Collins, still face trial.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.