I'm getting my money out of there. I have a couple of friends who still haven't received any money back from the futurewise thing a few years ago. Bottom line is IF anything happens, I wouldn't expect to see my money again!
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Refco Account Security
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Quote from Pro_Trader720:
I'm getting my money out of there. I have a couple of friends who still haven't received any money back from the futurewise thing a few years ago. Bottom line is IF anything happens, I wouldn't expect to see my money again!
The fraud occured in the REFCO CAPITAL MARKETS division of REFCO HOLDINGS, and not in Refco LLC.,
which is where futures accounts are held.
Quote from Pro_Trader720:
I'm getting my money out of there. I have a couple of friends who still haven't received any money back from the futurewise thing a few years ago. Bottom line is IF anything happens, I wouldn't expect to see my money again!
You would get your money back. They are members of the Exchange Clearing Corp, and all of the other FCMs would have to back them up on the losses. However, it could take some time, months even. If I had an account there I would be moving it because of the potential of having the money tied up for a long time, but not out of worry of losing it. In any case I think the prudent thing for anyone to do is to close the Refco accounts.
Brandon
Refco has, according to a reporter in NY., 1.4bb in puttable debt (par) and 650 cash.
Listened tot he call again on WSJ sit.
USAttny Ny complaint for 540mm, company said 430mm, but "it fluctuates". That should scare the hell out of you. What bad trade goes in your favor?
Good night Gracie.
Listened tot he call again on WSJ sit.
USAttny Ny complaint for 540mm, company said 430mm, but "it fluctuates". That should scare the hell out of you. What bad trade goes in your favor?
Good night Gracie.
"Assistant U.S. Attorney David Esseks said Bennett may face a life sentence if convicted."
http://www.bloomberg.com/apps/news?pid=10000087&sid=aDSAxbOlHUKc&refer=top_world_news
http://www.bloomberg.com/apps/news?pid=10000087&sid=aDSAxbOlHUKc&refer=top_world_news
Quote from Apex Capital:
The fraud occured in the REFCO CAPITAL MARKETS division of REFCO HOLDINGS, and not in Refco LLC.,
which is where futures accounts are held.
So you think large or small funds with cash with Refco LLC will care about the difference -of course not. These situations are all about confidence and liquidity. Anyone with half a brain will take their cash out, or pull their line, straight away until the situation is resolved.
As an example when Barings went under banks would not lend to any merchant bank, regardless of the fact they had Far Eastern, European or any trading operations. It is simply common sense.
$1 billion does not go far when there is a run on the institution.
Refco Customers are starting to pull out:
http://yahoo.reuters.com/financeQuo...tfh90405_2005-10-12_18-46-31_n12525374_newsml
Now wait till the heads at CFTC and NFA start to roll... they've allowed this thing to go on for years in front of their eyes
http://yahoo.reuters.com/financeQuo...tfh90405_2005-10-12_18-46-31_n12525374_newsml
Now wait till the heads at CFTC and NFA start to roll... they've allowed this thing to go on for years in front of their eyes
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