Weil partner testifies in $2.4bn Refco fraud case
Weil Gotshal & Manges corporate partner Jay Tabor has pointed an accusing finger at Mayer Brown partner Joseph Collins and his firm for their role in the billion-dollar Refco scandal, reports the Am Law Daily. Collins has been charged by federal prosecutors with concealing a $2.4bn (£1.5bn) corporate fraud that led to the collapse of commodities dealer Refco in 2005.Prosecutors have claimed that Collins helped orchestrate hundreds of millions of dollars in sham loans that eventually bankrupted Refco and forced the company to liquidate. Collins allegedly was motivated to maintain the deception because Refco was his largest client, bringing Mayer Brown more than $40m (£25m) in fees between 1997 and 2005.On Tuesday (26 May), Tabor took the stand to testify about his work advising a private equity group that acquired a 57% interest in Refco in 2004.
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