Refco has filed for bankruptcy; and has decided to sell its brokerage unit for $768 million to an investor group, in an effort to save the firm from following in the footsteps of Bayou and collapsing, according to Reuters.

Customers have been taking their money out of the firm ever since Phillip Bennet was charged with securities fraud.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.