Refco scandal: Questions still abound

Regulators last week continued trying to piece together how Refco's former CEO Phil Bennett got into the financial mess that dragged the company into bankruptcy.

Elements of the audit trail trickled out as Refco filed for bankruptcy and initially agreed to sell off the company to a private equity consortium led by JC Flowers.

What had been established by investigators was that in February Bennett allegedly led a number of transactions to disguise...