Refco

Refco was a U.S. company based in New York City and a global derivatives dealer who went bankrupt in 2005. Refco was up to the bankruptcy of the largest broker on the Chicago Mercantile Exchange, and is regarded as the second largest post-Enron corporate scandal of listed companies in the United States.

In Europe he was known by high interest loans and investments of some banks (including the Austrian union bank BAWAG ). The last loan of 350 million euros was granted Refco in October 2005, just days before the Refco CEO Phillip Bennett was arrested for accounting fraud and Refco filed for bankruptcy protection. As a backup, BAWAG accepted by Bennett 34% of Refco shares. Since the credit was 10 % of the share capital of the Bank and the involvement of competent bodies remained below, this led to the so-called BAWAG affair, in the wake of the OGB - tip had to resign.

In April 2006 it was announced that BAWAG a billion lawsuit may aid was imminent from the creditors of the collapsed U.S. broker fraud. The first application requested $ 1.3 billion, for which even came further demands. In June 2006, however, a settlement was reached that brought the already planned sale of the bank security right against any class actions according to U.S. law. A recent lawsuit filed by Refco creditors of 5 September 2006, which was known in Europe only on 19 September 2006, concerned more companies in the U.S., but not the BAWAG.

• Securities trading company
• Former company (United States)
• Founded in 1969
• Dissolved in 2005