According to an article this morning from Bloomberg, Refco held as much as $525 million in phony bonds in offshore accounts. At issue now - where the bonds were issued and how exactly they were valued. Implicated, but not yet accused of wrongdoing in the bond investigation are Bawag, an Austrian bank and Liquid Opportunity (website?), a hedge fund based offshore. Refco itself has also not been charged with any specific wrongdoing in connection with the bond accounts, but the investigtion continues.

More here.

-- MDT

Labels: Refco