French court upholds Soros' insider trading conviction

[JURIST] A French appeals court on Thursday affirmed a 2002 conviction of investor George Soros [Wikipedia profile] for insider trading, including a $2.9 million penalty. The court ruled that Soros' 1988 purchase of French bank Societe Generale SA [corporate website] stock with knowledge that the bank might be the object of a takeover bid broke insider trading laws. Soros has maintained his innocence and claimed that the takeover rumors were widely known at the time. Soros' appeal options are now limited to arguing the law was wrongly applied or to appeal to the European Court of Human Rights. Bloomberg has more.



 

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