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Weekly Roundup: U.S. Prosecutors Reportedly Investigating Soc Gen, State Department Names Narcotics Nations, and More
printThe U.S. Justice Department is investigating whether Soci?©t?© G?©n?©rale SA aided Texas banker R. Allen Stanford in his alleged $7 billion Ponzi scheme by ignoring suspicious transactions, The Wall Street Journal reported Friday. An account held by a Stanford company at the private banking arm of Soci?©t?© G?©n?©rale, allegedly funded with investors' money, made payments into Mr. Stanford's personal accounts and to an Antiguan official responsible for oversight of Stanford's banking operations in Antigua. Prosecutors are looking at whether Soci?©t?© G?©n?©rale failed to follow due diligence procedures or ask questions about irregular banking activity, according to the WSJ, which cites...
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