Tuesday, November 18, 2008

Soros Conviction and Fine Still On

Billionaire George Soros' conviction for insider trading was upheld by a French appeals court.
His fine of 2.2 million euros ($2.87 million) was upheld as well.
According to a Financial Times article,
Hungarian-born Soros had appealed a French court's 2002 decision which found him guilty of using insider information regarding a failed 1988 corporate raid on bank Societe Generale to make $2 million on the company's stock.
The financier turned philanthropist told the appeals court last month he did not believe he had done anything wrong."
Mr. Soros was not in attendance at the court hearing.
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