This is very unfortunate. I have known Jim Rogers for about 10 years. Jim started the Quantum Fund with George Soros.
Jim is the author of the book "Hot Commodities", and his calls on commodities and energy have been right on the mark.
The unfortunate part of this story is Jim runs a couple of commodities funds, the Rogers Raw Materials Fund and the Rogers International Raw Materials Fund. The management company for Rogers' commodity-tracking index fund had $362 million or over 60% of their assets with Refco.
The management company for the Rogers Fund (Beeland Management) said that Refco "wrongfully and fraudulently'' handled $362 million of their assets. Since the fund does not operate on margin, all of the assets were suppose to be kept in the U.S.. They were not; and the assets were placed in offshore accounts along with leveraged accounts.
All of this is very sad because Rogers is an honest guy who does his homework. If a thorough guy like Jim Rogers cannot uncover problems after doing his due diligence, what does that say about the average investor.
The bottom-line here is to diversify your assets, and be very careful. There are more crooks out there than we would like to believe.
