Corporate Governance Issues at Refco Inc.
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Case Code: CGOV006 Case Length: 19 Pages Period: 2005-2006 Pub Date: 2006 Teaching Note: Available |
Price: Rs.400 Organization: Refco Inc. Industry: Financial Services Countries: USA Themes: Corporate Scams |
Abstract Case Intro 1 Case Intro 2 Excerpts
Abstract
Refco Inc. was the largest independent futures brokerage firm in the world. The case details the growth of Refco from a small commodities futures trading firm to a company offering brokerage services in futures, securities, and capital markets. It describes the accounting fraud perpetrated by Refco's CEO and the events that followed immediately after the news was made public. It also provides an account of the investigations that were made into the various entities involved in the scandal. The case ends with an analysis of the situation.
Issues
The case is structured to achieve the following teaching objectives:
- To understand the importance of investor/customer trust
- To appreciate the importance of business ethics
- To know more about investor protection laws and their limitations
Contents
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Introduction
Background Note
The Bennett Era
Going Public
The Beginning of the End
Refco's Announcement and its Fallout
The Investigations
What Really Happened
Ahold's Atonement
Exhibits
Keywords
Refco Inc, Refco Capital, US Futures industry , Investor protection laws , Top management fraud, Misrepresentation of accounts, BAWAG, Lee Partners, Sarbanes-Oxley Act, Corporate governance, Business ethics
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