Refco fallout hits industry

New angles


The move by New York-based financial trading firm Refco to file for Chapter 11 bankruptcy protection following an investigation by US supervisors into an alleged fraud has left a number of companies scrambling to avoid the fallout.

The company revealed on October 10 that its chief executive and chairman, Phillip Bennett, had apparently concealed a $430 million debt owed to Refco by a shell company, Refco Group Holdings, which Bennett controlled. To avoid the scrutiny of auditors, Bennett

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