A French appeal court has confirmed the conviction of billionaire investor George Soros for insider trading and said he must pay a two point two million euro fine.
The Paris court ruled that his 1988 purchase of share in French Bank Societe Generale was illegal because he knew it was a takeover target. Hungarian-born Soros claims he can’t now even recall the details of the deal. At the court he told reporters: “It is very difficult to remember what happened 15 years ago, but it’s an interesting story, so I learned a lot today. For me it is really very, very far back. It was 1988, so it’s really long past.“42 Paris Bourse. The case didn’t come to trial until 2002 because of delays in securing information about another defendent from the authorities in the Netherlands, Britain, Luxembourg and Switzerland.
And it is not resolved yet. Soros’s lawyers plan to appeal again to a higher court. He had told the judges that even though he knew about a possible takeover of Societe Generale he did not think it would succeed.