Refco denies funds' assets wrongfully seized

Nov 01, 2005 | 10:23 AM | Sean Barry

Embattled New York-based futures brokerage Refco Inc. has denied claims by two commodities funds backed by investor Jim Rogers that it "wrongfully and fraudulently" handled $362 million in assets.

A complaint filed by Rogers Raw Materials Fund LP and Rogers International Raw Materials Fund LP last week claimed that Refco, which filed for Chapter 11 bankruptcy protection Oct. 17, should not have included the assets in the bankruptcy filing.

The complaint alleged that while the funds' futures positions and margin funds were transferred as requested to Refco LLC, $340 million in government securities were "deceitfully" arranged to be diverted to Refco Capital Markets Ltd., an unregulated derivatives dealer covered by the bankruptcy filing.....

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