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 Posted:
Fri Nov 11, 2005 9:01 am Post subject:
refco plunders your investments |
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Jim Sinclair's Commentary:
Is justice selective? What do you think? The question is did Refco
require margin on its short sales prior to the sales or at all? Did
Refco arrange to borrow the shares sold short as is required by law?
All of that is doubtful because the shares plundered did not qualify
for short selling due to price. Just another crime that pays in an
amoral society that simply does not give a damn as long as the pockets
filled are those of the up and coming Authoritarians and the pockets
picked are normal investors.
Watch Out, They Bite!
HOW HEDGE FUNDS TIED TO EMBATTLED BROKER REFCO USED "NAKED SHORT
SELLING" TO PLUNDER SMALL COMPANIES
By DANIEL KADLEC
Posted Sunday, Nov. 06, 2005
Thomas Badian was expecting a package, just not this one. Standing in
his doorway, smiling, he opened the envelope a courier handed to him.
Then he froze, and the color drained from his face. It was over: after
two years overseas, the former New York City hedge-fund operator had
been located. Badian slammed the door of his posh Vienna, Austria,
apartment in the heart of the city's embassy quarter--but not before
being officially served with a civil lawsuit linking him to the
beleaguered U.S. commodities firm Refco and tying him and Refco to a
type of fraud that some argue has destroyed thousands of companies and
bilked investors out of billions of dollars.
More...
http://www.time.com/time/insidebiz/article/0,9171,1126706,00.html
http://www.ncans.net/news.htm
http://www.investigatethesec.com/MediaLinks.php
http://bobosrevenge.blogspot.com/
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