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Accountancy Age: Refco was not Sarbox compliant

Accountancy Age: Refco was not Sarbox compliant

by Rick Turoczy on October 14, 2005

Refco, the futures broker that is the subject of an SEC fraud probe, was still not Sarbox compliant when it raised $583m (£333.4m) on the New York Stock Exchange in August. In the prospectus issued before its listing, Refco admitted that it would be exposed to risks relating to the evaluation of its internal controls as required by section 404 of the Sarbanes-Oxley act, which was introduced in 2002 to prevent corporate scandals such as Enron and WorldCom.

Refco said at the time that it was confident of achieving Sarbanes-Oxley compliance by the deadline of 28 February, 2007.

Accountancy Age: Refco was not Sarbox compliant

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