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Sunday, June 16, 2024 | Back issues
Courthouse News Service Courthouse News Service

Refco Atty Indicted on $800 Million Fraud

MANHATTAN (CN) - Federal prosecutors accuse Joseph Collins, aMayer Brown partner whoacted asprincipal outside counsel to Refco, of conspiring to commit securities fraud, wire fraud, bank fraud and money laundering - totaling $800 million - and of making false filings with the SEC and making material misstatements to auditors, and of taking $40 million in legal fees for this, from 1997 through 2005.

Collins alleged coconspirators, not named as defendants in this indictment, included Refco CEO Philip Bennett, CFO Robert Trosten, and President Tone Grant.

Prosecutors seek forfeiture of "at least $800 million in United States currency," and other property, and penalties.

The SEC also sued Collins, in a separate complaint in the same court.

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