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Refco Exec Admits to Role in $2.4 Billion Fraud
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ShareFebruary 21, 2008 10:04 AM
Former Refco CFO Robert Trosten pleaded guilty to cheating customers out of $2.4 billion fraud, the U.S. Attorney for the Southern District of New York announced Wednesday.
Trosten's plea comes nearly a week after Refco's CEO Philip Bennett pleaded guilty for his role in a scheme to mask the company's losses as debt owed from a company Bennett controlled.
The U.S. attorney says the scheme began in 1998 and extended to 2004, with big Refco executives hiding their losses from auditors, banks and investors.
Trosten pleaded guilty to five counts including securities fraud, wire fraud, bank fraud and money laundering.
Refco Inc. was a New York-based financial service giant that Trosten, Bennett and others drove into bankruptcy in 2005.
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February 21, 2008 | Permalink | User Comments (5)
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Why did Obama not give this information earlier? He is quick to be critical of others for their funding, but he doesn't own up to being backed by a crook, who in turn was backed by an Iraqii billionaire...seems very odd to me and logic dictates that it deserves further investigation.
Posted by: Dianne | Feb 21, 2008 11:20:34 AM
crook Obama, I'll take a cheater over a crook any day.....
Posted by: fred | Feb 21, 2008 5:18:55 PM
The media needs to real look at Obamas past, the present, before they hand our future to him. The American people need to know the truth, so they can make intelligent, knowledgeable choice for President. One with substance and integrity.
Posted by: jp,michigan | Feb 27, 2008 11:35:09 AM
You morons are confusing "Refco" the company with "Rezko" as in Tony Rezko the Chicago real estate investor. They are completely independent of each other. Jeez!!
Posted by: Craig | Mar 10, 2008 8:40:02 PM
Wow that is HILARIOUS! So thirsty for blood and ready to pounce you don't think you should be bothered with a little detail like...reading?
Posted by: seeking | Mar 15, 2008 9:47:24 AM
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