Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Ex-Bawag Chief Sues Bank, Cerberus Over Refco Fraud

Helmut Elsner, the former Bawag PSK chief executive officer, sued the Austrian bank and Cerberus Capital Management, claiming $1.8 billion in damages tied to the collapse of futures broker Refco Inc.

Elsner, who was convicted in 2008 of misuse of funds, said he was made a “scapegoat” and was wrongfully held responsible for losses at Bawag, according to a complaint filed yesterday in New York State Supreme Court.

“Elsner, like numerous others, has been victimized by a massive fraud,” the complaint states.

The losses at Bawag were discovered in 2006 after Refco collapsed into bankruptcy. The losses led to the sale of Bawag to private equity firm Cerberus. Elsner’s lawsuit also named former Refco Chief Executive Officer Phillip Bennett, who is serving a 16-year prison sentence.

Representatives of Bawag and Cerberus couldn’t immediately be reached for comment on the lawsuit.

The case is Elsner v. Bennett, 653379-2012, New York State Supreme Court (Manhattan).

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.