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Regulating The Moneychangers, Jerry W. Markham
Regulating The Moneychangers, Jerry W. Markham
Faculty Publications
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Custodial Requirements For Customer Funds, Jerry W. Markham
Custodial Requirements For Customer Funds, Jerry W. Markham
Faculty Publications
A series of bankruptcies by large financial institutions in recent years resulted in massive shortages of customer funds. The first of those failures, Refco, Inc. (Refco), occurred in 2005 after the exposure of a massive fraud by its officers. That debacle was followed in 2007 by the failure of Sentinel Management Group, Inc. (Sentinel), which had used several hundred million dollars of customer assets to leverage the firm's trading position. The failure of Lehman Brothers Holdings Inc. (Lehman or Lehman Brothers) during the Financial Crisis in 2008 was the largest bankruptcy in U.S. history and resulted in extensive litigation over …