Case Against Refco Brokers Should Proceed: SEC

Law360, New York (August 9, 2006, 12:00 AM EDT) -- The case against three former Refco Inc. securities dealers accused of fraudulently trading shares of software maker Sedona should move forward, the U.S. Securities and Exchange Commission urged in its latest court filing.

“They followed their customer’s directions to depress the price of Sedona’s stock by ‘selling short’ massive amounts of the stock in a manner designed to conceal the identity of their customer and their own wrongdoing,” SEC attorneys said in the brief. “They succeeded. In one month, by means of almost daily violations of...
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