In October 2005, just three months after its initial public offering, Refco Group Ltd., a major financial services firm, collapsed and filed for bankruptcy after it was discovered that the company had engaged in a host of transactions, over a period of several years, aimed at hiding hundreds of millions of dollars in debt.
In the aftermath, two of Refco’s senior executives, Phillip R. Bennett, Refco’s CEO for much of the time, and Robert Trosten, its former CFO, have pleaded guilty in federal court to fraud and conspiracy charges for their roles in the scheme. A third executive, Tone Grant, a former president of Refco, is awaiting trial.
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