We the members of the Scam Investigations Committee of the Forex Peace Army have deliberated on all the evidence available to us and have reached a conclusion. It is our opinion that...

The brokerage company known as Refco collapsed. Since funds belonging to traders were not properly segregated, the vast majority of these funds were lost. Failure to return money to traders upon request is the primary definition of "Scam" for the members of the Forex Peace Army.

Thus, we officially find that Refco is a scam and declare it to be blacklisted. Since the company is no longer in business, we can offer no possible future resolution. We extend our deepest sympathies to our fellow traders who lost money due to these actions of Refco.

Refco is hereby blacklisted by the Forex Peace Army.