SocGen acted on suspicions about Madoff in 2003

12/17/2008 | International Herald Tribune

Looking back, bankers wonder how the Ponzi scheme that Bernard Madoff allegedly conducted could have fooled so many sophisticated financial institutions, including many in Europe, where his steady yields were seen as particularly attractive. Societe Generale discovered through a routine due-diligence review in 2003 that Madoff's numbers did not make sense. The French bank quickly barred its investment bank from working with Madoff and warned wealthy clients not to invest with him.

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