BANK FRAUDS

Poverty Bay Herald, Volume LV, Issue 17236, 16 April 1930, Page 11

BANK FRAUDS

new law demanded

PARIS, March i. During the last fortnight a dozen socalled bankers have been arrested lor defrauding small savers, and the public is in a state of alarm. At mass meetings blunt speeches are developed against the inaction of Parliament, which has not yet passed a measure for regulating the profession of banking and putting au end to fraudulent concerns. J lie fact that there are in prison at the present moment 150 bankers who arc accused of defrauding tho public has- led to a demand for police action ’until the necessary measure has been passed. Henceforth magistrates and inspectors will he entrusted with the surveillance of financial or Bourse operations which appear suspect. They will keep an eye on the issue of certain shares and their introduction on the Bourse, any increase of capital by undertakings which does not correspond with the real needs of tho (concerns, and the operations of “share pushers.” As the law stands it cannot control bucket-shops, and all the magistrates and inspectors can do is to watch, and, w hen necessary, inform tho competent author; tics of what is taking place. The latest banker of the bucket-shop order to be put into prison is Edouard Deloux, who. after gambling on the Bourse with £48,000 of his 'customers’ money, gave himself up to tho police.