Lawyer indicted in connection with Refco collapse [UPDATE]

Dec 19, 2007 | 09:44 AM | Sean Barry

The former lawyer of Refco Inc. has been indicted by federal prosecutors for allegedly conspiring with executives of the defunct New York-based futures and commodities brokerage to commit fraud.

It comes the same day as former Refco executive vice president Santo C. Maggio pleaded guilty to committing securities fraud, wire fraud, bank fraud and money laundering.

Joseph P. Collins, a partner in Mayer Brown LLP's Chicago office, faces charges of falsifying Refco's financial statements by hiding from auditors debt, which ballooned to more than $1 billion by January 2004, owed to Refco by a holding company that was partially owned by Refco's former chairman and chief executive officer, Phillip R. Bennett, according to the U.S. Attorney for the Southern District of New York.....

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