Refco, the futures broker that’s under investigation for securities fraud, may be split in two as Goldman Sachs, its financial adviser, seeks takeover offers, three people familiar with the plan said.

Refco’s regulated units, which offer futures contracts traded on exchanges, may be broken off from parts that aren’t regulated and sold separately, said the people, who asked not to be identified because talks are under way. Man Group, the world’s largest hedge fund company and a futures broker, is among those involved in the discussions, two of the people said.

Customers abandoned New York based Refco, the biggest independent American futures broker, following the October 10 disclosure that its former chief executive, Phillip Bennett, hid $430 million in bad debts, threatening its solvency. A buyer would get the largest provider of customer transactions to the Chicago Mercantile Exchange, the biggest futures market in America.

“Looking for a buyer is probably the best option they have,” James Bianco, president of bond research firm Bianco Research in Chicago, said on October 14.