Warnung vor Broker REFCO und FXCM !!

War mir klar und ich habe auch massiv gegen die Refco-Werbung hier bei ariva rebelliert. Damals leider ohne Erfolg............. es wollte ja kein Verantwortlicher hören.

Jetzt ist es zu spät....

 

Refco's Falling House of Cards

By W.D. Crotty (TMFWD40)
October 14, 2005

<!--startindex-->

Refco (NYSE: RFX), one of the largest clearing firms for derivatives, has turned into a falling house of cards.

On Monday, the company reported that its board had put Phillip Bennett, its chairman and CEO, on leave because of a $430 million receivable that had not been reported as a related-party transaction. The company said Bennett had repaid the amount, with interest, in cash.

At the same time, the company announced that its latest quarterly filing with the Securities and Exchange Commission would be delayed -- but then gave the business highlights for that quarter and said it had excess regulatory capital of $279.3 million.

On Tuesday, a supplemental disclosure was made that, while discussing the previously announced receivable issue, also said, "The company confirms that it has adequate liquidity to run the business in the ordinary course."

Also on Tuesday, Bennett was arrested on charges of securities fraud.

On Thursday, the company issued an unusual announcement, headlined "Refco Hires Advisors." But the hiring of two high-profile advisors for its board and the retaining of Goldman Sachs (NYSE: GS) as a financial advisor (Goldman was also one of the three lead managers for the company's initial public offering less than two months ago) was hardly the big news.

The press release revealed that its Refco Capital Markets subsidiary did not have sufficient capital to continue operations, so it imposed a 15-day moratorium on the operation to "protect the value of the enterprise." In plain English, the company does not have sufficient liquidity to complete its transactions. It is required to act as counterparty to customers' positions in its role as a clearinghouse -- and the company requires significant ongoing liquidity to complete the aforementioned operations.

This press release also states that the regulatory capital and excess regulatory capital of Refco and Refco Securities have been "substantially unaffected by the events of this week."

And that raises another interesting question. The company's creditors announced a meeting Friday morning, to determine the status of their outstanding receivables. Events of the past week will probably result in default or violation of the company's loan covenants, thus enabling its creditors to demand immediate repayment of debts. Doing so would effectively cripple Refco, since it holds $1 billion in debt and posts only $200 million in shareholder equity. Furthermore, creditors, in my opinion, will be loath to extend future credit to the company, making an already difficult situation nearly impossible to remedy.

Today, the company said that its Refco Securities subsidiary will initiate a process to unwind proprietary and client positions. In plain English, Refco is liquidating this operation.

While the SEC is trying to prevent money from exiting the company and the rating companies are downgrading the debt through junk-status ratings, the fact that "fraud" has now been charged is all investors need to know.

How much is Refco worth, if anything? There is not enough information available today to answer that question, though I'm leaning toward saying "nothing."

Are you looking for great companies? Let Motley Fool co-founders David and Tom Gardner find the next big winner for you. Subscribe to The Motley Fool's Stock Advisor newsletter.

Fool contributor W.D. Crotty owns shares in Refco and Goldman Sachs. Click here to see The Motley Fool's disclosure policy.

 

Refco Struggles to Retain Cash, Customers
Friday October 14, 4:24 pm ET
By Michael J. Martinez, AP Business Writer

Refco Struggles to Retain Cash, Customers in Wake of $545 Million Accounting Scandal

NEW YORK (AP) -- Weighed down by an accounting scandal, a former chief executive under indictment and the possibility of serious trouble with the Securities and Exchange Commission, commodities broker Refco Inc. appears to be struggling to hold on to as many customers -- and as much cash -- as possible. Mehr hier: http://biz.yahoo.com/ap/051014/refco.html?.v=13    <!--stopindex--><!--endtext-->

Unglaubliche Schweinerei.... vor wenigen Monaten erst an die Börse gegangen!



Ex-Refco-Chef-Festnahme: Wertpapierbetrugs-Vorwürfe

New York. DPA/baz. Phillip R. Bennett (57), der ehemalige Unternehmenschef und Verwaltungsratsvorsitzende der riesigen US-Terminhandelsfirma Refco Inc., war am Dienstag festgenommen worden. Ihm wurde Wertpapierbetrug vorgeworfen, berichtete die US-Wirtschaftsagentur "Bloomberg" am Mittwoch.

Bennett und nicht genannte Komplizen sollen hunderte von Millionen Dollar vor Investoren und Aufsichtsbeamten versteckt haben, die eine von Bennetts Firmen Refco schuldete, erklärte US-Staatsanwalt Michael Garcia nach dem "Bloomberg"-Bericht. Refco hatte Bennett vorgeworfen, 430 Millionen Dollar in ungezahlten Schulden versteckt zu haben. Bennett hatte die Summe danach voll zurückgezahlt.

Zahlreiche Klagen eingereicht

Refco kooperiert mit Untersuchungen der amerikanischen Wertpapier- und Börsenkommission SEC, der für Warentermingeschäft zuständigen US-Aufsichtsbehörde CFTC, der New Yorker Börse und anderen Aufsichtsstellen, teilte das Unternehmen mit. Es hatte Bennett nach Bekanntwerden der Transaktionen von seinen Posten freigestellt.

Es wurden inzwischen auch zahlreiche Klagen für geschädigte Refco-Aktionäre und -Investoren eingereicht, die unter dem Kollaps der Refco-Wertpapiere litten. Die Refco-Aktien brachen am Mittwoch weiter um 21,7 Prozent auf nur noch 10,85 Dollar ein. Sie haben innerhalb weniger Tage rund zwei Drittel an Wert verloren. Das Unternehmen war erst im August an die Börse gegangen.

FXCM opened at least 267 client accounts through Gibraltar, taking in $3,022,998.29 in client funds. FXCM paid $879,379 in commissions to Gibraltar, even though most of the customers’ funds were lost trading or paid to Gibraltar and FXCM in compensation and fees. FXCM is charged with failure to adequately supervise Gibraltar’s fraudulent activities and reportedly “was aware that Gibraltar’s customers were not receiving regular monthly account statements.” Furthermore, the CFTC’s complaint states “FXCM knew or should have known about Kline’s disciplinary history because such information was readily available from the NFA of which FXCM is a member.” The CFTC also notes that “Gibraltar’s customers were unable to gain access to their account information because FXCM’s website was not functioning properly.”...
continued:
www.forex-markets.com/NewswireFXCM.htm


Kickbacks:
""FXCM Customer Agreement/ Referral Disclosure/ #8

Client understands and acknowledges FXCM may comensate Reffering Agent for introducing Client to FXCM and that such compensation may be on a per- trade basis. Such compensation may incur a mark-up, above and beyond the ordinary spread generally provided by FXCM. Further the Client has the right to be informed of the precise nature of such compersation."
LINK


Spread, Fill Problems:
" FXCM discretionaly removes previously accepted entry orders at news release

As per Mishak's suggestion I'm disclosig the incident and broker's name here.

I guess the best way to explain what happened is to post the chat conversation I had with an FXCM representative this morning.

I'm posting in the spirit of advising the community to be prepared for this type of order manipulation if they trade with FXCM. This is not gossip and I'm not a furious client; It's simply what FXCM consider as normal practice under fast market conditions -as expressed by one of their representatives-.

Please wait for a site operator to respond.
You are now chatting with 'FXCM-'
FXCM-: Welcome to FXCM's Live Chat feature. You are now chatting with an FXCM representative. How can I help you?
you: Hello, An entry order was not ecxecuted. The platform seems to have erased it from the log
FXCM-: one moment
FXCM-: yes it was not executed because the price never existed. For example if you are tyring to trade on news like right now. By putting in an entry order away from the market right now. The price may not exist or good chances it wont
FXCM-: therefor we will not be able to honor that price and that is why you cant put in an entry order
you: I don't trade by news I trade by a system
you: The point is that the order was accepted previously
FXCM-: if you were trading with banks right now they might not even process a trade in volatile situation. we just can honor your entry orders because if the market gaps up 100 pips an the price never existed you will not be filled and we wont fill it
FXCM-: but you have to remember no banks or trading firm in the world
FXCM-: will give you a quote if the price never EXISTED
you: If I recall correctly the ticket is 2626384
FXCM-: are you on demo or live
you: live
FXCM-: you are telling me your put an entry order when?
you: I understand that you don't accept some orders depending on market conditions
FXCM-: 20 minutest ago?
FXCM-: 1 min
you: Something like that
FXCM-: but remember adnormal conditions entry orders will not be accepted even if it was before
FXCM-: we cannot honor entry orders because if the price gaps and the price never existed we will not and cannot fill you at that price
FXCM-: no one will
FXCM-: its a simplte concept
you: So yoou can discretionally removed a previosuly accepted order, with a corresponding ticket number?
FXCM-: no matter if you put enry order last year
FXCM-: NO will explain
you: Depending on market conditions
FXCM-: druing abnormal market conditions entry orders are not allowed BUT you can put market order and ALL stops and limits to close out positions WILL BE GUARANTEED AND HONOR
FXCM-: but if you put entry orders at prices THAT WILL NOT EXIST
FXCM-: we will not honor them and NO INSTITUTION WILL
FXCM-: no matter where you go to trade
FXCM-: we want to be fair to clients
FXCM-: and that is fair you dont get prices that dont exist
you: Understood, but what happens with the orders that you have previously accepted
FXCM-: like i said if its entry order
FXCM-: entry order will be canceled or not allowed if abnormal conditions
FXCM-: if you put entry order at 1.200 yesterday befor today numbers
FXCM-: let say the price is 1.1950
FXCM-: let say the price before numbers was 1.980
FXCM-: 1.1980
FXCM-: and then numbers are out
FXCM-: market jumps to 1.2500
FXCM-: you price never existed
FXCM-: therefore your entry order if allowed to be in system
FXCM-: will have to be filled
FXCM-: and no INSTITUCION WILL ALLOW THAT
FXCM-: THEY WILL ALL GO OUT OF BUSINESS
FXCM-: and its not fair and not right
FXCM-: prices never existed
FXCM-: that is why you are not allowed to put entry oders during abnormal market conditions
FXCM-: but we GUARANTEE ALL STOPS AND LIMITS TO CLOSE OUT POSITOONS
FXCM-: will will take the lost for that because we want to protect our clients
FXCM-: u can enter the market by putting in market order
you: What doesn't seem fair to me is that you can remove a previosuly accepted order at discretion. I comprehend your arguments but do not agree with them. I ahve had live accounts with MGFG, SAXO and FX Solutions and no one has ever removed a previously accepted order to me
FXCM-: but put tight stops
you: I guess we have both understood each other
you: Thanks for your time
FXCM-: i would challenge you to go trade with them and compare our services.
FXCM-: see if they honor your prices like we do
FXCM-: during volatile sitiutaion
FXCM-: there is a reason why we ahve 40,000 clients and the closest competitor has 8000
FXCM-: we honor our prices and we are fair
FXCM-: try trading with our competitors during volatile situation
FXCM-: see if they can offer you the same execution and liquidity
you: Yes, you are fair and you honor prices; and to do so you use the capanbility to remove accepted orders
FXCM-: well i tried to explain to you why we do that but i guess i have failed
you: You did explain the reasons very well
you: And I understand them. I just thought it wasn't part of the game to have the hability to remove orders at will
you: But that's your policy and I respect it
FXCM-: yes i understand.
FXCM-: i appreciate that thank you
you: Thanks for your time

Report this post to a moderator | IP: Logged
29-04-2004 19:29



mishak
Expert Member, Moderator

Registered: Oct 2003
Location:
Posts: 699

slippage

The order described here should be executed with slippage, not cancelled by the broker. The size of slippage depends on market conditions and broker."
LINK


"posted 04 May, 2004 14:38 My two cents' worth on this topic:

Playing the Refco demo account, I found that my buy/sell orders were frequently rejected because the price had moved within the two or three seconds it took the Internet/Refco server to process the request.

Again, to anyone complaining about slippage, I invite you to experience the frustation of having your attempts at buying and/or selling a currency DENIED, and denied again, and again, and AGAIN, because oops!, the price has moved."
LINK

FXCM The game of FX

I am pissed. l had a buy stop . On the trade figure, EUR takes off. My order sits there. FXCM quotes are way behind. I thought about lifting their below the market offer as I have done this once before but didn't, might just cause problems... After 3 minutes my order is still pending. In the meantime their quotes have caught up and my order should have been triggered a long time ago. Now the market is coming back down fast. That's when FXCM executes my buy order. Thanks!!!!!!!!!!!

when I saw that sh*t I got out even. EUR then spiked back up. What a joke!!

So it took them 4 minutes to execute my order or to show it as executed in the meantime I had no idea if I was in or not. So I could not liquidate if I wanted to. 4 min. is an eternity, EUR can move 1 cent in that time these days.
LINK

Right.





www2.oanda.com/cgi-bin/msgbo...ic;f=8;t=000416

brauchen nicht besorgt sein.

siehe unten

link

http://www.ac-markets.com/images/Dear-Client.pdf


gruß trash

www.refcofx.com

www.fxcm.com

gleiches design... gleiche company im hintergrund.... refco.

Der New Yorker Derivate-Händler Refco hat heute seinen bisherigen CEO und Chairman Phillip Bennett vorläufig beurlaubt. Eine von Bennett kontrollierte Gesellschaft hatte Refco 430 Millionen Dollar geschuldet. Der CEO hatte es aber nicht für nötig erachtet, dem Unternehmen und den Aktionären mitzuteilen, dass er in einer Geschäftsbeziehung zu dem Schuldner stehe. Bennett soll die ausstehende Summe plus Zinsen heute zurückbezahlt haben. Refco entschied sich dennoch für seine Beurlaubung und will eine interne Untersuchung der irreführenden Verbuchungen durchführen. In diesem Zusammenhang geht das Brokerhaus davon aus, dass die Jahresberichte der letzten 5 Jahre hinfällig sein dürften. Zum Interims-Nachfolger Bennetts wurde der bisherige COO William Sexton ernannt, der eigentlich gerade dabei war, aus dem Unternehmen auszuscheiden. Das Brokerhaus Refco war im August erfolgreich an die Börse gegangen. Bereits kurz darauf war Präsident Santo C. Maggio vorübergehend außer Dienst gestellt worden. Diesem war von der Börsenaufsicht vorgeworfen worden, an Kursmanipulationen beteiligt gewesen zu sein. An der NYSE brechen Refco aktuell um 31,41 Prozent auf 19,59 Dollar ein und sind damit erstmals wieder unter ihren Ausgabekurs gerutscht.

4:47pm 10/14/05
          §
Regulators ask Goldman Sachs, others to bail out Refco -WSJ (GS, RFX)

By Carolyn Pritchard



SAN FRANCISCO (MarketWatch) -- Senior regulators at the Chicago Mercantile Exchange and Commodity Futures Trading Commission have asked Goldman Sachs Group Inc. (GS) and other firms to buy or assume financial responsibility for Refco Inc.'s (RFX) massive futures-trading operation, the Wall Street Journal reported after Friday's closing bell, citing unnamed people familiar with the matter. Any buyer would likely be expected to guarantee deposits of the unit and allow traders to unwind their positions, the Journal noted. An unnamed person familiar with Goldman Sachs' thinking said the firm isn't interested, according to the Journal. Earlier in the session, Refco said it was unwinding trades at its broker-dealer unit, a day after the commodities and financial-markets broker shut its capital-markets unit in the midst of a scandal.

Traders said the weight on the dollar was compounded by liquidations of long positions as institutions shifted accounts away from the scandal-rocked commodities broker Refco Inc. (RFX).

"The Refco scandal is putting some pressure on the dollar," said Michael Woolfolk, senior currency strategist at The Bank of New York. "There has been some clearing out of positions in the futures market."  "But this is mainly a sentiment move," he said. "There is no systemic threat to the market.

Futures exchanges allow companies and individuals to speculate on, or protect against, the movement of changes in the price of assets as diverse as U.S. Treasury securities, foreign currencies and live cattle.

The Chicago Mercantile Exchange's initial public offering in late 2002, the first for a U.S. exchange, was a roaring success that paved the way for other exchanges to go public.

CME shares had risen to almost $350 (U.S.) on Oct. 3 from an original $35. They closed yesterday on the NYSE down $8.60 or 3 per cent at $310.40. The CME declined comment on its share-price movement.

Some investors who missed the boat on the CME offering saw Refco's IPO in August as a way to get exposure to a growing industry. Refco peaked at $30.55 a share.

The situation has also cast a cloud over next week's scheduled initial public offering of the Chicago Board of Trade, the No. 2 U.S. futures mart. The CBOT did not return calls seeking comment.

At both the giant Chicago exchanges, Refco, a firm that has gobbled up more than a dozen smaller futures brokerages in recent years, is a leading contributor of volume.

U.S. futures industry regulations are designed to protect customers when financial instability hits clearing members through which they conduct business. Customer positions and funds are segregated from those of the clearing member.

Follow the debt

U.S. federal prosecutors say ousted Refco Inc. chief Phillip Bennett shuffled around his private firm's debt to Refco at the end of several quarters to hide it. Here's how the five-step scheme worked in February, according to a criminal complaint:

1 Just before the quarter ended, Refco lent a customer $335-million (U.S.).

2 The Bennett firm borrowed $335-million from the customer at a higher rate.

3 Mr. Bennett guaranteed that Refco would repay the customer if his firm didn't.

4 Mr. Bennett's firm used the money to repay the debt to Refco.

5 After the quarter closed, the transactions were unwound, restoring the Bennett firm's debt to Refco.

Refco Inc., struggling to survive after its former chief executive was accused of hiding bad debts to dupe investors, said on Thursday a key unit no longer had enough cash to operate. This fanned fears of possible bankruptcy and added to the already rising risk aversion."We are all talking about Refco and things are jittery," a treasury manager at a UK bank.
Refco halted activities at its Refco Capital Markets unit, a fixed-income, equities and foreign exchange brokerage, for 15 days and froze its accounts.
www.clearstation.com

"How could you not know about a debt in excess of $430 million?" asks Stuart Ober, president of due diligence company Securities Investigations Inc. "Even for a mega company, this is a substantial amount. It's like the old adage, if you owe the bank $100, you have a problem. If you owe the bank $100 million, they have a problem. It's very hard for me to believe that there was some kind of receivable that nobody would know about," adding that if the company's minutes disclose that these receivables were owned by Bennett, the underwriters should have known and implies that the underwriters didn't do their homework. "And unfortunately, this a sucker punch to the soft underbelly of the IPO marketplace."

According to a statement from Refco: "These obligations were transferred periodically to the entity controlled by Mr. Bennett, and the Company's books and records then reflected a receivable from that entity, rather than a receivable from the originating accounts. The fact that the receivable was from a company controlled by Mr. Bennett was hidden at the end of quarterly and annual reporting periods by reason of transfers to a third party customer account that we currently believe is unaffiliated with Mr. Bennett or anyone else at the Company." There is public speculation the debt dates back to 1998 and could be associated with the Asian financial collapse. Despite repeated attempts, officers at Refco were unavailable for comment.

"It looks like a scheme to hide bad debts so the company would be able to go public," says attorney Samuel H. Rudman, adding that by taking bad debt and making it appear as debt from a credit worthy entity, Refco could reasonably not have reserved against it. Rudman's firm, Lerach Coughlin Stoia Geller Rudman & Robbins LLP has filed a class action lawsuit against Refco Inc. The compliant reads, in part, "Refco has also announced that, based on the undisclosed related party transaction, its prior financial statements should not be relied upon and will likely be restated. This amounts to an admission that those financial statements were materially false and misleading when issued." Refco auditors Grant Thornton have withdrawn their certification of the company's financial statements from 2002 to present, and the company's debt rating has been downgraded to junk status, a move that is expected to hurt Refco's ability to borrow money.

Also, Santo C. Maggio, president of Refco Securities LLC and Refco Capital Markets Ltd. has been put on leave and Peter McCarthy has been named president of Refco Securities, which will "begin the process of winding down its business," liquidating outstanding long and short customer and proprietary postions, according to a notice from the Depository Trust Company. And Refco Capital Markets Ltd., according to a press release, has "halted activities for 15 days to protect its value," and Arthur Levitt, former SEC chairman, has been named as a special advisor to its board.

Nymex and the Chicago Mercantile Exchange have each released statements advising that Refco LLC, the futures commission merchant subsidiary continues to meet its obligations and that customer positions and funds held by Refco LLC are segregated from Refco Inc.'s assets in compliance with Commodity Futures Trading Commission regulations and Nymex and CME rules. The CME has also required Refco LLC to submit "weekly capital computations and segregated funds computations" and restricted the firms ability to withdraw capital without CME approval.

Der Bilanzskandal bei Refco weckt an der Wall Street Erinnerungen an den Energiehändler Enron. Dort hatten verdeckte Außenstände zum Zusammenbruch des Konzerns geführt. Die Vernichtung von Milliarden an Anlegergeld und Tausenden Jobs hatte den US-Kongress veranlasst, mit dem Sarbanes Oxley 2002 strengere Vorschriften für interne Kontrollen vorzuschreiben. Bei Refco haben die neuen Regeln offenbar nichts genützt: Bisherigen Erkenntnissen zufolge handelt es sich bei den 430 Mio. $ in Refcos Büchern um Forderungsausfälle, die bereits seit 1998 vorhanden waren. In Branchenkreisen wird spekuliert, dass es sich um Forderungen gegenüber Kunden handelt, die zahlungsunfähig wurden. Ein daraus resultierender Liquiditätsmangel hätte Refcos Geschäft gefährdet. Daher, so vermuten Insider, könnte Bennett die Forderungen auf seinen Namen übertragen und durch verschiedene Transaktionen versteckt haben. Dabei halfen ihm offenbar Hedge-Fonds, unter anderen Liberty Corner Capital. Noch vor seiner Verhaftung hatte Bennett die 430 Mio. $ in bar allerdings zurückgezahlt.


Beunruhigte Marktteilnehmer

Die ungewisse Zukunft Refcos beunruhigt die Marktteilnehmer. Der Broker ist einer der aktivsten Teilnehmer und Abwickler im Futureshandel. Das US-Unternehmen wickelt weltweit Derivategeschäfte in Devisen, Aktien, Anleihen und Rohstoffen ab. "Ich gehe nicht davon aus, dass der Markt langfristig Schaden leidet - allerdings bleibt die Frage, ob es noch mehr schlechte Nachrichten in diesem Zusammenhang gibt", sagte Allan Zavarro gegenüber der FTD. Zavarro ist Chef der Futuresabteilung bei ABN Amro und einer der Veteranen des Futuresgeschäfts. Russ Wasendorf, Chef des Refco-Konkurrenten Peregrine Financials, zeigt sich besorgt: "Ich fürchte, dass die Unternehmen der Branche nun alle über einen Kamm geschert werden." Der Vertrauensschwund macht sich bereits bemerkbar: Die Aktien der Chicago Mercantile Exchange (CME) gaben am Donnerstag um bis zu acht Prozent nach. Refco gehört zu den größten Kunden der Terminbörse. Bis zu zwölf Prozent des Volumens gehen auf das Refco-Konto. In der Stellungnahme betonte Refco, alle vorgeschriebenen Kapitalreserven der Terminmarktaufsicht CFTC zu erfüllen. Das betrifft die Kunden im Futureshandel. Doch laut Branchenkennern versuchen immer mehr Kunden, ihre Positionen zu anderen Brokerhäusern zu verlagern. Beobachter erwarten auch ein strenges Vorgehen der CFTC in dem Fall. "Wenn die Aufsicht dieses Mal nicht durchgreift, wird die Behörde selbst Ärger mit dem US-Kongress bekommen", mutmaßt ein Marktteilnehmer. Refco, ein aggressiver Aufkäufer in den vergangenen Jahren, genießt in der Branche den Ruf, Spielräume auszuloten. Das Unternehmen gehört zu den Händlern, die am häufigsten mit Strafen belegt wurden. Im Zusammenhang mit dem Skandal müssen sich auch Wall Streets erste Adressen unangenehme Fragen gefallen lassen. Erst vor rund zwei Monaten hatten Credit Suisse First Boston, Goldman Sachs und Banc of America Securities Refco an die Börse gebracht. Jetzt drohen den Investmentbankern Klagen geschädigter Anleger. Dennoch hat Refco Goldman Sachs am Donnerstag als Finanzberater in der Krise beauftragt.

Alle Rechte vorbehalten. © FTD

Die Filetstücke legt man sich schon zurecht...


3:02am 10/17/05   [UK:EMG] MAN GROUP UP 1.5%; SAYS WON'T BID FOR REFCO

3:50am 10/17/05  

J.C. Flowers top bidder for Refco unit: reports - Steve Goldstein

Der Bilanzskandal um das US-Wertpapierhaus Refco erfasst nach
einem Bericht des „Handelsblatts“ (Dienstagausgabe) auch europäische Banken: Die
österreichische Gewerkschaftsbank Bawag/PSK, das viertgrößte Geldinstitut des
Landes, habe eingeräumt, an Refco einen Kredit von 425 Millionen Euro vergeben
zu haben. Da der Kredit mit inzwischen stark gefallenen Aktien gesichert sei,
stehe der Bank ein massiver Verlust bevor. Es seien Vorsorgen für die
'Maximalbelastung' getroffen worden, die allerdings 'praktisch auszuschließen'
sei, teilte die Bawag/PSK mit. Die österreichische Finanzmarktaufsicht habe sich
inzwischen in die Vorgänge eingeschaltet. 'Es werden Ermittlungen und Gespräche
mit dem Management geführt', sagte ein Sprecher der Finanzmarktaufsicht dem
Handelsblatt.

Bawag/PSK-Aufsichtsratspräsident Günter Weniger, der auch Präsidiumsmitglied des
Österreichischen Gewerkschaftsbundes ist, habe den Aufsichtsrat über den
möglichen Verlust informiert. Die Reaktionen seien allerdings verhalten
geblieben. Die Bawag hat erst vor zehn Tagen die Fusion mit der
eigenkapitalstarken österreichischen PSK-Bank endgültig vollzogen und verfügt
nun über 3,9 Milliarden Euro Eigenmittel. Vor diesem Hintergrund sei der
mögliche Verlust 'zwar schmerzhaft aber nicht existenzbedrohend' zitiert das
Blatt Finanzmarktkreise.

Refco beantragt Gläubigerschutz, verkauft Futures-Geschäft
          §18.10.2005 10:07:00
                              §
          §
Wie die durch einen Bilanzskandal angeschlagene Refco Inc. (ISIN US75866G1094/ WKN A0F464) am späten Montag bekannt gab, hat sie einen Antrag auf Gläubigerschutz nach Chapter 11 gestellt.

Refco, einer der größten Rohstoff- und Futures-Händler der Welt, hat in diesem Zusammenhang mit einer Gruppe von Investoren den Verkauf seines Futures-Geschäfts für 768 Mio. Dollar vereinbart. Demnach wird man die Refco LLC voraussichtlich an ein Konsortium unter der Führung der J.C. Flowers & Co. LLC verkaufen. Der Refco-Konzern hat jedoch die Option, bis zu 20 Prozent der zu veräußernden Anteile wiederzuerwerben.

Zu der Investorengruppe unter der Fürhung von J.C. Flowers zählen noch Enstar Group Inc., Silver Point Capital, MatlinPatterson Global Advisers LLC sowie Texas Pacific Group. Ein endgültiges Abkommen soll in Kürze erzielt werden.

Nicht vom Gläubigerschutz betroffen sind - neben Refco LLC - die Refco-Töchter Refco Overseas Ltd., Refco Singapore Ltd. und Refco Securities LLC.

Phillip Bennett, der ehemalige CEO von Refco, wurde am Mittwoch vergangener Woche wegen Wertpapierbetrugs angeklagt. Er soll Refco über eine von ihm kontrollierte Gesellschaft hohe Summen geschuldet haben und diese Tatsache gegenüber Investoren und Behörden verschleiert haben.

Die Aktie von Refco schloss an der NYSE letzte Woche zuletzt bei 7,90 Dollar.
          §
Quelle: Finanzen.net / Aktiencheck.de AG

Gruss
Ice

New York-based Refco said it and certain subsidiaries filed for bankruptcy protection on Monday as part of the memorandum of understanding with investors.

None of Refco's regulated subsidiaries -- its futures brokerage business, which is conducted through Refco LLC, Refco Overseas Ltd. and Refco Singapore Ltd, and its broker-dealer, Refco Securities LLC -- filed for bankruptcy protection, it said.

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Kunden ziehen Gelder bereits ab - Vermögen auf Kunden-Konten von Refco bereits von sieben auf vier Milliarden Dollar gesunken


New York/Wien - Nach der Insolvenz will das schwer angeschlagene US-Brokerhaus Refco seine Vermögenswerte so rasch wie möglich verkaufen. "Das ist ein Eisberg, der unheimlich rasch schmilzt", erklärte Refco-Anwalt J. Gregory Milmoe Mittwoch (Ortszeit) in New York dem Insolvenzrichter Robert Drain.

Vor einigen Wochen hatte Refco noch 7 Mrd. Dollar (5,86 Mrd. Euro) auf den Kundenkonten gehabt, mittlerweile seien es nur noch 4,1 Mrd. Dollar. "Wir haben daher ein relativ kleines Fenster, in dem wir noch Werte sichern können", erklärte Milmoe. Die nächste Verhandlung vor dem Insolvenzgericht ist daraufhin auf kommenden Montag vorverlegt worden.

Future-Bereich for sale

Verkaufen will Refco, der größte unabhängige US-Rohstoff- und Options-Händler, zunächst vor allem die Future-Bereich, der keinen Insolvenzantrag gestellt hat. Auch alle 24 Teilbereiche, für die Refco Insolvenz angemeldet hat, werden laut Anwalt unter Aufsicht des Gerichts zur Versteigerung angeboten werden.

Mittlerweile haben hätten sich mehr als 30 Interessenten gemeldet. Was tatsächlich verkauft werden wird, steht aber noch nicht fest.

Für den Future-Bereich hat das Unternehmen, wie berichtet, bereits einen Vorvertrag mit der Fondsgesellschaft J.C. Flowers unterzeichnet. J.C. Flowers ist demnach bereit, 768 Mio. Dollar (643 Mio. Euro) für die Sparte hinzulegen. Allerdings könnte die Fondsgesellschaft auch noch überboten werden.

Mehrere Interessenten

Mehrere Interessenten haben bereits ein Angebot angekündigt - darunter u.a. Dubai Investments, der Investmentarm der Regierung der Vereinigten Arabischen Emirate, die womöglich eine Mrd. Dollar für den Refcom-Arm bieten wollen.

Der Future-Bereich wird voraussichtlich bereits in den nächsten zehn bis zwölf Tagen zur Auktion gestellt. Einigen Interessenten haben aber vom Insolvenzrichter noch mehr für eine vertiefende Finanzprüfung des Unternehmens (Due Diligence) verlangt. (APA)

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Dear Trader,  
 
 
 

FXCM is growing. We were recently recognized by Inc. Magazine as one of America's fastest-growing privately held companies for the second consecutive year. The success of FXCM has attracted interest from several of the world's largest banks and investment funds.

FXCM is currently in negotiations to have one of these parties replace Refco as a minority shareholder. FXCM believes it is in the firm's best interest to have well respected investors as shareholders. We will keep you informed as new information becomes available.  

FXCM clients are not impacted in any way by the bankruptcy of Refco / RefcoFX:
 
* FXCM is managed and controlled by the firm's original founders.  
* FXCM client funds are completely independent and non-accessible by Refco.  
* FXCM is a Futures Commission Merchant (FCM) registered with the CFTC and a member of the NFA. RefcoFX is not regulated.

For more information, please visit the National Futures Association website.
 
* FXCM's net capital presently exceeds $61,000,000 and is completely independent and separate from Refco.

For the most recent FCM report, please visit the  CFTC website.
 

If you have any questions, please call us 24 hours a day, 7 days a week at 1-888-50-FOREX (36739). For international numbers, please visit www.fxcm.com/contact-fxcm-exchange.jsp.


Best regards,

FXCM Staff



 
 
 
 
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Goldman Sachs, CSFB and other US investment banking giants are facing a multimillion-dollar lawsuit from America's leading class-action attorney over their work as flotation advisers to Refco, the derivatives broker on the brink of collapse.

Melvyn Weiss, head of New York law firm Milberg Weiss, confirmed that he will file new court actions this week on behalf of investors who have seen their Refco shares collapse amid claims of large-scale fraud.

The brokerage, which conducts vital transactions for the hedge fund industry, has been forced to suspend many of its operations and is threatened with bankruptcy this weekend.

Weiss, who piloted massive shareholder compensation claims against Wall Street firms in the wake of the dotcom crash, said that leading banks had acted negligently in underwriting and advising on Refco's float on the New York Stock Exchange in August, which raised $583 million. He also plans to sue banks that managed bond issues for Refco.

The banks are expected to deny responsibility for Refco's troubles
observer.guardian.co.uk/business/story/0,6903,1592936,00.html

Flowers zieht Gebot für Sparte des insolventen Brokers Refco zurück


New York - Das Konsortium J.C. Flowers hat sein Angebot für den Terminkontrakt-Bereich des bankrotten US-Brokers Refco Inc zurückgezogen. Andere Firmen traten indes neu in den Bieterwettstreit ein. Das höchste bekannte Angebot für die Sparte liegt derzeit bei 858 Mio. Dollar.

J.C. Flowers zog sein Gebot zurück, nachdem ein US-Konkursgericht verlangt hatte, Flowers müsse den geforderten break-up fee (Aufwandsentschädigung, falls der Kauf nicht zustande kommt) von 15 auf fünf Mio. Dollar kürzen. Die Interactive Brokers Group hob indes ihr Gebot auf 858 Mio. Dollar an und liegt damit vor einem Konsortium aus den USA und Dubai, das 828 Mio. Dollar bietet.

Eigentlich wollte das Gericht zu Wochenanfang über die Flowers-Offerte entscheiden. Nach dem Auftreten neuer Bieter hatte es aber entschieden, daß eine Entscheidung nicht dringlich sei. Auch die Man Financial und die Marathon Asset Management LLC haben ihr Interesse an der Sparte angemeldet. Nach Angaben aus Kreisen ist zudem die Apollo Management LLC interessiert. Refco war vor der Krise der größte unabhängige Rohstoff- und Terminkontrakt-Broker in den USA und erst vor zwei Monaten an die Börse gegangen. Er verwaltete mehr als 200 000 Kundendepots und beschäftigt rund 3000 Mitarbeiter. rtr




Artikel erschienen am Mi, 26. Oktober 2005

8:55pm 11/04/05
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Refco gets bids from five entities for some or all of assets (RFXCQ) By Gabriel Madway
SAN FRANCISCO (MarketWatch) -- Refco Inc. (RFXCQ) said Friday evening that it has received bids from five entities interested in acquiring some or substantially all of its assets through a proposed sale under section 363 of the Bankruptcy Code. The bidders expressed interest in Refco's business in the U.S., Europe and Asia. Refco said it will review the bids to determine whether they are qualified, and an auction for qualifying bidders will be held on Nov. 9. The winning bid is expected to be presented to the court at a hearing on Nov. 10.

Finanzskandal REFCO:Neuer Brokerwechsel<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

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New York, Chicago, 1.12. 2005   Wie wir schon in unserer Mitteilung vom 11.11. vermutet haben, war die Übernahme der regulierten Konten Refcos durch die britische MAN- Gruppe nicht das Ende des Wechselspiels. Die Man – Gruppe gab vorgestern bekannt, dass sie das komplette europäische Geschäft an Marathon Assets, ein uns nicht näher bekanntes Haus verkaufen wird. Das bedeutet für die Kunden , dass Sie jetzt innerhalb von gut einem Monat zum zweiten Mal wechseln müssen. Die Klagen von Kunden und Gläubigern, dass deren Anlagen entgegen ihrem Willen in ungesicherte Konten eingebucht wurden

häufen sich. Uns sind namentlich einige Fälle bekannt. Ein Teil dieser unregulierten Konten, v. a. im FOREX – Bereich will das New Yorker Haus FXCM übernehmen. Laut Schreiben von REFCO FX an ihre Kunden soll der Deal innerhalb von 30 Tagen ( ca. 10.12.05 ) abgeschlossen sein. FXCM ist übrigens erst vor kurzem zu einer Geldstrafe von 110,000 Dollar verurteilt worden. Anleger täuschende und irreführende Werbung lautet die Begründung der amerikanischen Aufsichtsbehörden. Wer sich der Sammelklage gegen REFCO wegen Prospektbetrugs im Rahmen der Aktien – Emission anschliessen will, muss das spätestens bis zum 12.12.05 tun.Wir sind Ihnen bei den Formalitäten gerne behilflich. Rechtsberatung dürfen wir ihnen leider nicht anbieten. Unabhängig von der Größe Ihrer Einlagen: Hier geht es um das PRINZIP. Munich Trust –als von Banken und anderen großen Finanz – Konzernen unabhängiger, lizensierter Dienstleister im gesamten Börsenbereich bietet seine Hilfe an : KOSTENFREI und UNVERBINDLICH: Rufen Sie uns an oder senden Sie eine E – Mail ( siehe unten )

Darüber hinaus: Sollten Sie Konten bei REFCO unterhalten, die über deutsche Finanz – Dienstleister vermittelt wurden, greifen ggfs. die deutschen Sicherheits – Behörden ein, z. B. DIE EDW ( www.e-d-w.de  ). Die Fachleute der MUNICH TRUST GmbH, ein unter der Aufsicht der deutschen Behörden stehendes Münchner Wertpapier - Handelshaus sind  beim Transfer Ihrer Einlagen gerne behilflich. Darüber hinaus bieten wir Ihnen die gewohnten Dienstleistungen und Möglichkeiten zum Handel – vielleicht sogar mehr. Mailen Sie oder rufen Sie uns an. Unser Mitarbeiter, Herr Stoesling ist von 9.00  – 22.00 Uhr für Sie erreichbar.

 

MUNICH TRUST                                Personal Brokerage                                Prinzregentenplatz 19                                                                                     81675 München Ihr Ansprechpartner: Michael Stoesling                                                        Telefon: +49(0) 89-427 21 390 ab 16:00 Uhr 41 31 90 14 Telefax: +49(0) 89-427 21 391           Email     <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />stoesling@munich-trust.de  Internet       www.munich-trust.de