Wednesday, 20 August 2014
Last updated 2 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 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note