You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
Refco FX Robs Customers of Their Funds!!!
- Thread starter ZoneTrooper
- Start date
Quote from Xenia:
RCM is a separate firm ...
that holds funds of RefcoFX cutomers in an account "RFXA #4761" (?)
Its is irrelevant where they are held in 4761 or in Bennettâs account in the Caymans. The point is that the proceeds of FXCM buying RefcoFX go to funding the customer accounts and making them whole. If the transactions goes through RefcoFX clients are whole, if FXCM does come in and save them, well thatâs not clear yet.
As of now the MOU is signed and court approval seems likely.
Trader/God
Quote from Trader/God:
Its is irrelevant where they are held in 4761 or in Bennettâs account in the Caymans. The point is that the proceeds of FXCM buying RefcoFX go to funding the customer accounts and making them whole. If the transactions goes through RefcoFX clients are whole, if FXCM does come in and save them, well thatâs not clear yet.
As of now the MOU is signed and court approval seems likely.
Trader/God
Why does approval seem likely? Creditors other than RefcoFX customers are entitled, under U.S. bankruptcy law, to their fair share of the bankruptcy estate. If RefcoFX customers are made whole, then this means less money for the other creditors. Some of the other creditors have already raised objections. So why does approval seem likely? Are you sure that you are accurately reflecting the risks to RefcoFX customers?