Refco Fraud Fooled Investigators, Ex-Mayer Brown Atty Says

Law360, New York (October 11, 2012, 6:28 PM EDT) -- Extensive due diligence of Refco Inc. failed to detect fraud despite a $1 billion accounting hole, a lawyer for a former Mayer Brown LLP partner close to Refco argued before a criminal trial jury Thursday, suggesting the Mayer attorney may have been outside the fraud.

Refco principals managed to fool accountants, consultants and even private investigators when subject to a probe that cost $10 million, a lawyer for Mayer Brown partner Joseph P. Collins said at Collins' fraud trial in Manhattan.

Prosecutors claim Collins, who is...
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