NEW YORK (MarketWatch) — Refco’s suspended chief Phillip Bennett allegedly used a hedge fund to disguise $430 million in debts to the company, media reports on Wednesday said.
Liberty Corner Capital was paid for telling Refco’s auditors that it owed the debts even though Bennett’s companies owed the money, the Wall Street Journal and the Financial Times both reported,each citing anonymous sources.
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Refco shares shed another 11% Tuesday in their second big decline following the company’s disclosure of a $430 million payment from Bennett for an “undisclosed affiliate transaction.” Bennett has repaid the money, the company said on Monday.
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