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NFA Issues $43 Million Award Against Refco Inc., Its Broker and Jay Goldinger
In the largest arbitration award to date, the National Futures Association awarded 13 investors $43 million. This sum will compensate these customers for most of their trading losses and will reimburse them for the commissions that they paid.
Clearing firm Refco allegedly aided one of its customers, Jay Goldinger, in improperly allocating winning and losing trades in client accounts.
Source: Wall Street Journal, July 27, 2001
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