In the wake of the scandal and subsequent bankruptcy of
Refco Inc, Commodity Futures Trading Commission (CFTC) said
audits of Refco LLC, the FCM arm of Refco, showed no customer
accounts had been harmed.
The news supported the consensus market view that the
scandal embroiling Refco was the result of a corporate fraud
rather than derivatives-related activity. Refco had also been
penalised in the past for misappropriation of customer
segregated funds, but in this instance they appeared last week
to be safeguarded.
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