"Should Refco cascade into insolvency, the exposure would increase to the total underwritten amount, " he says.
Rival firms see Refco as a high-profile opportunity to grab some of that market share.
In the Refco case, the Bankruptcy Trustee brought claims against more than one third-party advisor.
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Three years after Sarbanes-Oxley was enacted a major commodities firm, Refco, collapsed amid brazen accounting fraud.
He and several brokers from Refco and Pond Securities are the targets of that SEC civil investigation.
The worst case of how quickly things can unravel might be represented by the Refco fiasco.
PwC was also auditor of Refco Public Commodity Pool, LP until September 15, 2006 when they resigned.
Man's winning bid does not include regulatory capital--it is only buying the assets of Refco's regulated futures business.
Grant Thornton is still haggling over legal costs associated with defending itself over the Refco fraud.
Judge Robert Drain of the U.S. Bankruptcy Court has scheduled a hearing in the Refco bankruptcy for 10 a.m.
Refco rival Calyon Financial is among those rumored to be preparing a bid, though a spokesman would not comment.
Lerach Coughlin filed its first case on behalf of Joseph Mazur, an investor who bought just 300 shares in Refco.
It happened before in a case that is too close for anyone involved here to claim ignorance of: Refco.
When other intermediaries such as Lehman and Refco went bust, most customer futures accounts were transferred to other firms without incident.
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It was well reported that PwC was instrumental in helping Refco to address these financial reporting and accounting deficiencies.
Mayer Brown partner Joseph Collins has been indicted for allegedly conspiring with ex-Refco chief executive Phillip Bennett and others to commit fraud.
Flowers has said he wants to buy all of Refco, much of which has entered bankruptcy proceedings in a New York court.
But now it appears that Refco's financial statements had some serious errors.
These investment banks were the lead underwriters on Refco's Aug. 11 IPO.
The U.S. attorney says Bennett defrauded investors in Refco's initial stock offering.
But one thing Refco makes clear: When it comes to America's financial markets, there will always be something for him to grumble about.
PwC spent more than a year with Refco and must have given them some advice on how to do what was required.
Federal prosecutors have targeted a fourth person, this time an outside lawyer, in connection with the October 2005 collapse of futures brokerage firm Refco.
By the spring of 2001 the traders at Refco were in full assault mode, captured on tape-recorded phone calls that federal prosecutors later subpoenaed.
Outside attorneys have been dragged into cases against Adelphia Communications (the self-dealing cable outfit), Refco (the commodities trader) and Parmalat (the Italian food packager).
Prosecutors say Collins, who counted Refco among his most important clients, used "lies and deceptive half-truths" to help further the alleged fraud at the company.
The trustees have already given themselves the Refco-style easy legal out.
Refco filed for bankruptcy protection that month and after a brief bidding war among a number of buyers, its assets were sold to Man Financial in November.
In a bankruptcy filing in the U.S. (think Refco), segregated futures accounts have seniority over other creditors and equity holders, so futures account holders get paid first.
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