First Futures

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First Futures

First Futures was a division of Refco.[1]

Refco filed for bankruptcy on October 2005, one week after it was revealed that former chairman and CEO Phillip R. Bennett[2] had covered up $430 million in customer losses impacting the company since the late 1990s. Bennett hid the losses from auditors and investors by arranging regular multiple transactions between related Refco companies. Well-known investment company Thomas H. Lee Partners had bought a 38 percent stake in Refco in 2004 for $500 million as Refco was preparing for its IPO the following year.[3] That offering, in August of 2005 just two months before the company collapsed, saw Refco shares rise 25 percent on the first day's trading.

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References[edit]

  1. [www.aspiretrading.com/applications/application1.pdf First Futures Division Of Refco Application]. First Futures Division Of Refco.
  2. Inside the Shadowy World of Phillip R. Bennett. Daily Telegraph (London).
  3. A lingering question about Refco. Houston's Clear Thinkers.