Refco Lawyer Indicted for Fraud

Chicago lawyer Joseph Collins has been indicted on fraud and other charges in connection with the 2005 collapse of commodities and derivatives firm Refco Inc. The Wall Street Journal reported that federal prosecutors in Manhattan announced 11 counts against Collins, of the law firm Mayer Brown LLP, which was not named in the indictment. Phillip Bennett, former chief executive of Refco, and others have also been indicted in connection with the Refco collapse. In July, Thomas H. Lee Partners LP, which purchased a stake in Refco in 2004, sued Mayer Brown for allegedly failing to inform Lee about bogus loan transactions.