November 10, 2005

Refco comes under the hammer, Man Financial bids for acquisition

According to a declaration made to the London Stock Exchange, Man Financial, the brokerage arm of the Britain-based hedge fund company Man Group, has made a bid to acquire a part of the brokerage firm Refco, which has declared itself bankrupt following charges of fraud against its CEO Phillip Bennett.

According to a report published by Today Online, Bennet was also charged with withholding information of debts amounting to at least $430 million. Man Financial has placed a bid to acquire parts of Refco that are being auctioned according to the US bankruptcy procedure. Prior to its closure, Refco was the largest independent futures intermediary in the US.       

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November 10, 2005 in Gossip & Scandal, Strategy | Permalink




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