It's not really that unusual for investment firms to be fined by the feds for one peccadillo or another. Sometimes the company's actions are really peccadillos, many times they are not. Need I say that Refco is one of those companies.
In 1983 the company was fined a then-record $525,000 for excessive speculation. In 1999 the company paid $8 million in penalties with regard to charges of manipulating customer accounts and another $7 million for failing to comply with rules re order-taking and recordkeeping of customer accounts. And, Refco was the company that handled Hillary Clinton's wildly successful futures trading, but was not accused of any malfeasance in that case.
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