FRENCH FRAUD

Greymouth Evening Star, 6 December 1928, Page 5

FRENCH FRAUD

HUGE LOSSES BY INVESTORS.

(Australian Press Association.) (By Cable—Press Ason.—Copyright.)

PARIS, December 5. * Known as Madame Le Presidente, the financial wizard, and operating one of the most gigantic “get-rich-quick” schemes ever devised. Madame Marthe Hanau was arrested with her divorced husband, Lazare Block. The news spread very rapidly, and panic stricken investors rushed to the sumptuous marble fronted offices from which Madame, with Bloch and a staff of two fifty, directed enormous operations. The crowd, with many drawn faces, shouted angry taunts. One man, beside himself with, rage, waved a cheque for 300,000 francs, which he declared the bank refused to cash.

Among the victims were deputies, priests, nuns, and widows of officers. It is stated that the total involved is over a million sterling, and some even mention possible losses of three and a-half millions.

The scandal was broached in the Chamber this evening, the Minister of Finance giving assurance that justice would be done.

Madame, besides running the Gazette Du France, formed five share investing companies and had four thousand agencies in France and abroad.