BusinessBusiness RecoveryRefco CEO indicted as Man Group cashes in

Refco CEO indicted as Man Group cashes in

Former Refco CEO William Bennett indicted as Man Group pays $323m for regulated futures brokerage arm

William Bennett, former CEO of Refco, the collapsed futures broker, was
indicted yesterday on eight counts of conspiracy, securities fraud, wire fraud
and making misleading statements.

Bennett was arrested last month after it was alleged that he had used RGHI, a
private company under his control, to conceal $430m of Refco debt. He denies the
charges.

Just hours earlier, Man Group’s brokerage unit completed a $323m (£186m) cash
deal for the firm’s regulated futures brokerage arm, outbidding four rivals.

Man will assume liabilities of $41m and take over the customer accounts and
employees, but regulatory capital of $750m will be left for liquidators of the
business.

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