Disgraced brokerage firm Refco is on the receiving end of the first lawsuits stemming from its collapse. Jim Rogers, an operator of commodity funds is suing Refco through his management company, Beeland Management.

Refco it is alleged in the suit, shifted Mr Roger's assets from their regulated business to Refco Capital Markets, its troubled unregulated business.

The shifting of the assets of between accounts was against Beelands instructions.

The Capital Markets division was the cause of Refco's demise. Accountancy practices at the company allowed CEO to hide a $430m debt he owed to the company.

Trades by Beeland with Refco were processed for Rogers Raw Materials and Rogers International Raw Materials. Over $362m in Beeland funds were held by Refco at the time of the collapse.

The funds had been held in a segrated account. Beeland argues that had they stayed there, they could have been withdrawn. Further the assets were mainly in US Treasuries with only a small percentage in cash.

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