Refco will be looked back on as one of the most incredible puff stories in financial history. Investors, in their greed, were prepared to ignore the company’s patchy record with the regulators. Scarcely a year has passed since the company’s creation in 1969 without the regulators hitting the firm with a financial penalty. From illegal front-running on Liffe to inappropriate cattle futures trading in Arkansas, Refco has transgressed rules and regulations in many of the locations in which it has operated.
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