SOCIETE GENERALE: pay back the 970 small savers whose confidence has been betrayed in the little Madoff's affair.
This petition had 3,681 supporters
Banks must obey the same rules that they impose on their own customers. The SOCIETE GENERALE bank lacked vigilance and did not follow its own internal procedures and legal obligations. Its repeated managing mistakes allowed, facilitated and encouraged the fraudulent activity of DO CONSEIL. Without SOCIETE GENERALE, this scam would have never taken place. *** Societe General failed because it accepted repeated unjustified large sums of money from F. Denizet, the CEO of DO CONSEIL. It did not report the fraudulent deposits to the appropriate authorities. 970 clients had entrusted their savings of several million euros to DO CONSEIL , all of which was lost without SOCIETE GENERALE or any other government institutions questioning in a timely manner the fraudulent activities
The lack of control, negligence and laxness of banks and several government agencies overseeing banks allow unscrupulous people and companies to deceive investors and steal their savings. These government agencies are deficient in protecting investors from illegal transactions : household bank deposits are not safe ; they are not protected from hazards due to deceitful people and companies.
A result of this deficiency is the DO CONSEIL case . Its CEO, F. Denizet, was able to misappropriate several million euros (savings that belonged to 970 clients) , all of which was lost without SOCIETE GENERALE or any other government institutions questioning in a timely manner the fraudulent activities.
The government regulators overseeing banks failed by not verifying that SOCIETE GENERALE followed all the legal and good practice rules and regulations in place to protect clients and investors.
Societe General failed not only because of its internal managing mistakes but also because it accepted repeated unjustified large sums of money from DO CONSEIL without reporting those suspicious activities to the appropriate authorities.
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