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13%  
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Keyword: phillipbennettt

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  • Refco Subsidiary Freezes Customer Accounts for 15 Days Due to Cash Issues

    10/13/2005 10:13:33 AM PDT · by HAL9000 · 12 replies · 506+ views
    Associated Press | October 13, 2005 | Michael J. Martinez
    NEW YORK (AP) -- Refco Inc., the commodities broker mired in an accounting scandal in which its chief executive hid bad debts from shareholders and regulators, said Thursday it will freeze customers' accounts in one of its subsidiaries for 15 days because it may not have enough cash on hand to operate normally. Refco Capital Markets Ltd., an offshore broker for stocks, bonds and currencies, is the subsidiary that former CEO Phillip Bennett, 57, allegedly used to help hide up to $545 million in bad debts. Bennett was indicted on federal charges Wednesday that he caused Refco to file...