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.

History

Products and Services

Key People

References

  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.