Ex-Refco President Indicted In Accounting Scandal

Law360, New York (January 16, 2007, 12:00 AM EST) -- Refco Inc.’s former president has been indicted on securities fraud and additional charges for his alleged role in concealing hundreds of millions of dollars in trading losses by the commodities broker and its customers from investors.

On Tuesday, the U.S. Attorney’s office in Manhattan said Tone N. Grant has been charged with bank fraud, conspiracy, money laundering, securities fraud and wire fraud.

Grant’s attorney said he the former president is innocent and plans to dispute these allegations.

The securities and wire fraud allegations each could mean...
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