Refco

Discussions about brokerage firms for futures, stocks and other tradeable instruments.
RedRock
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Post by RedRock » Thu Oct 20, 2005 11:13 am

Dont get all crazed about this. These types of 'scnanigan transactions' are not unheard of amongst mainly retail brokers. Its part of why commodities has the 'bad boy' reputation it has earned thru the decades. This is a symptom of the fact that more and more cta's are really just guys sitting at home in a bathrobe. The same guys who used to hustle accounts are now playing 'fund manager'.

In my Chicago history, I have more than once run into examples of 'sleaziness' from the top down in refco. Just because a bad apple was in Mans basket, doesn’t mean its yet time to throw the baby out with the bathwater.

BARLI
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Re: Is Man next?

Post by BARLI » Thu Oct 20, 2005 11:56 am

christian wrote:From -
http://www.theglobeandmail.com/servlet/ ... s/Canadian

"The U.S. Securities and Exchange Commission has also begun an informal inquiry into allegations that the U.S. brokerage arm of Man Group PLC, one of the world's largest hedge fund companies, helped PAAM hide $175-million in losses. Man Group's subsidiary, Man Financial Inc., has denied any wrongdoing and said it will co-operate fully with the SEC. "
looks like Refco and Man are not the only ones who hide their losses...

Christian Smart
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Jim Rogers fund affected by Refco debacle

Post by Christian Smart » Thu Oct 20, 2005 8:16 pm

From http://today.reuters.com/investing/fina ... DATE-3.XML

NEW YORK, Oct 20 (Reuters) - A commodities fund backed by investor Jim Rogers said on Thursday it was unlikely to allow clients to immediately redeem investments because 63 percent of its assets are held by bankrupt Refco Inc. (RFXCQ.PK: Quote, Profile, Research)

Beeland Management Co. LLC, a Chicago-based manager for the Rogers International Raw Materials Fund LP, said it could not be sure if the fund would lose assets -- mostly U.S. government notes -- held by a Refco unit, Refco Capital Markets.

BARLI
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Post by BARLI » Thu Oct 20, 2005 8:42 pm

hm, interesting what other giants like Paul Jones, George Soros, Bruce Kovner clear through

RedRock
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Post by RedRock » Fri Oct 21, 2005 11:51 am

http://www.randfinancial.com



Rand Financial Services, Inc. executes and clears futures and options on futures trades on behalf of the world’s premier banks, institutional clients, hedge funds, CTAs and non-clearing FCMs, as well as high net-worth individuals.

Founded in 1993 as a wholly owned subsidiary of the Bermuda-based Tewksbury Investment Fund Ltd. (formerly Trout Trading Fund Ltd), Rand is a member of all major futures exchanges with its principal office located in Chicago.

Recognized as one of the premier firms in the futures industry, Rand endeavors to build strategic relationships with its clients to ensure long-term investment growth, providing services ranging from clearing to trade execution to facilities management.

BARLI
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Post by BARLI » Mon Nov 14, 2005 7:11 pm

Today I received a letter from Refco talking something about bankrupcy and the court hearing. Did anyone get same thing? I can scan it and attach

Trade Center
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Refco

Post by Trade Center » Tue Nov 15, 2005 5:06 pm

It is my understanding that the bankrupcy is part of the process for sale to Man.

AFJ Garner
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Post by AFJ Garner » Wed Nov 16, 2005 3:50 am

BARLI, I do not know under what circumstances you received such a letter. I have a futures account with Refco Futures in Chicago and received no such letter. In any event it is my understanding that a) client funds at Refco Futures were properly segregated and and client funds are therefore safe as are client cash balances and client P&L b) the court has approved the purchase of at least the futures division by Man.

If you participated in the IPO of Refco you may well have received a letter from one or another set of lawyers acting in the numerous actions against the company, its underwriters and their respective employees and principals. Asking whether you want to join in. I regularly receive such letters - and inevitably throw them in the bin. If I had bothered to read and act upon such letters I may have made a bob or two along the way!

BARLI
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Post by BARLI » Wed Nov 16, 2005 6:23 pm

AFJ Garner, I also have a futures account with Refco in Chicago...I guess its just some kinda "have to notify you about what's going on" letter so that clients feel better. I'll try attaching it soon. I dont really understand the english of the court :shock:

AFJ Garner
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Post by AFJ Garner » Thu Nov 17, 2005 3:36 am

Perhaps my letter has got lost in the post. If and when it turns up I will tell you what I think it means!
A

BARLI
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Post by BARLI » Wed Nov 23, 2005 8:10 pm

Ok, here's the letter that i got, i scanned it in 3 parts...
Attachments
Refco's Letter.zip
(175.57 KiB) Downloaded 819 times

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