Photo: via Human Events
Billionaire hedge fund manager George Soros has failed to clear his name.Soros lost his battle against today a 2002 insider trading conviction in France in the European Court of Human Rights, Bloomberg BusinessWeek reported.
The 81-year-old claimed that French market regulations were not clear enough to determine whether he acted illegally and therefore could not hold him responsible.
He also claimed France had violated his rights under the European Convention on Human Rights.
The court didn’t agree.
Soros was convicted of insider trading in 2002 involving shares of Societe Generale he bought in 1988. A Paris court found that he had knowledge that the French bank might be a possible takeover target and ordered Soros to repay the 2.2 million euros ($2.9 million) he made from the share purchase. It was later reduced to €940,000 on appeal, the WSJ reported.
However, French stock market regulators didn’t go after Soros because insider trading laws were not clear enough to determine if he had violated them.
Soros plans to appeal the decision, the WSJ report said.