Ex-Mayer Brown Partner Faces Retrial In $1B Refco Fraud

Law360, New York (October 10, 2012, 7:46 PM EDT) -- Prosecutors on Wednesday launched a retrial of a former Mayer Brown LLP partner accused of aiding the fraud that destroyed Wall Street brokerage Refco Inc., telling jurors that the lawyer was in on a scheme to hide $1 billion in losses.

Joseph P. Collins, a onetime Chicago-based Mayer partner, helped Refco head Phillip Bennett disguise losses by drafting sham loans between the brokerage and its holding company, Assistant U.S. Attorney Harry A. Chernoff told jurors in a Manhattan court.

Refco collapsed and declared bankruptcy in 2005...
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