The suit goes on to state: "The Refco Insiders' looting of Refco was not a simple, straight-forward theft. With the active assistance of the Company's auditors and legal and financial advisors, the Refco Insiders and their cohorts devised an elaborate scheme through which they maintained the illusion that Refco was a highly successful, financially secure broker-dealer. It was this illusion of a thriving company that enabled Refco Insiders to steal billions of dollars from Refco by positioning Refco for, and ultimately carrying out, what appeared on the surface to be a legitimate "buy-out" of their interests in RGL."

The trustee also states in the suit: "However, as the professionals who advised Refco and facilitated this lucrative cashing-out knew and/or consiously avoided knowing, Refco's financial condition was not sufficient to warrant a lucrative sale, and the buy-out was, in fact, nothing more than an outright looting of Refco's assets."

Who else was names in this suit? It is a veritable "who's who," including accounting firm Grant Thornton LLP, law firm Mayer, Brown, Rowe & Maw, LLP, accounting firms Ernst & Young U.S. LLP and Pricewaterhousecoopers LLP, investment banks Credit Suisse Securities (USA) LLC, Banc of America Securities LLC, and Deutsche Bank Securities Inc., and funds Liberty Corner Capital Strategies, LLC, William T. Pigott, EMF Financial Products, LLC, EMF Core Fund, LTD, Delta Flyer Fund, LLC, Eric M. Flanagan, Ingram Micro, Inc., CIM Ventures, Inc., Andrew Krieger, Coast Asset Management, CS Land Management LLC, and Christopher Petitt. Could this Andrew Krieger be the same who made headlines before, when he was a huge currency trader with Banker's Trust?

No doubt the trustee is going after many deep pockets, but the lawsuit outlines a grand scheme involving many parties who, as noted, may or may not have known the end game, or simply chose to ignore it. Once again, the Refco name doesn't fail to roll around in the mud.