Soros Loses Bid to Overturn Insider Trading Conviction

Published October 07, 2011
| FoxNews.com

Reuters
Billionaire financier George Soros speaks at a Reuters Newsmaker event in New York on Sept. 15, 2010.
George Soros, the billionaire financier and liberal activist, was dealt a legal blow this week when the European Court of Human Rights refused to overturn his nine-year-old criminal conviction for insider trading.

A French court convicted Soros in 2002 for insider trading in the late 1980s, but the Hungary-born investor appealed, arguing that the French law on insider trading at the time was too ambiguous to find him guilty.

But the European court ruled Thursday in a 4-3 decision that the French rules were clear enough to convict him.

Soros’s lawyer, Ron Soffer, told the Wall Street Journal that his client would appeal the decision.

“There are some serious questions that still need to be answered,” Soffer told the newspaper.

The conviction is based on a 1988 investment Soros made in French bank Societe Generale. A French court found that Soros sold his shares for $2.9 million in profits after receiving insider knowledge about a plan hatched by a group of wealthy French businessman known as the “golden granddads” to force a takeover of the bank.

The takeover failed but resulted in a higher share price for Societe Generale. French prosecutors launched an investigation in 1990 that ultimately led to Soros’s conviction 12 years later and a $2.9 million fine that was reduced on appeal.

Soros’s legal team has argued that even France’s former market regulator found the country’s insider trading laws too vague.

But on Thursday, the European court said in a statement that while the French law wasn’t precise, Soros was a sophisticated investor and “could not have been unaware that his decision to invest in shares in [Societe Generale] entailed the risk that he might be committing the offense of insider trading,” the Wall Street Journal reported.

Soros’s last chance to clear his name rests on an appeal to the Grand Chamber of the European Court of Human Rights.



Read more: http://www.foxnews.com/politics/2011/10/07/soros-loses-bid-to-overturn-insider-trading-conviction/?test=latestnews#ixzz1a8K4gTzg

Where have you been?

I think you know moon, don't act ignorant. Shes back now and that's all that matters.

runawayhorses wrote:I think you know moon, don't act ignorant. Shes back now and that's all that matters.

No I DON"T KNOW. I never "act ignorant". If I am being ignorant,it is not an act. I last saw SSC on Aug 28th and haven't seen her words since, smarty pants. Still love the hat, sweetie.

LOL OK :) Tomorrow I get to change it back to my regular avatar. That will be a relief.

Hey Moon, missed you my dear !!! I have been snowed under with the g-baby starting high school and my daughter working crazy hours with a moving company. I left you a message on your site.

Well you can leave messages here too ya know. But whatever makes you more comfortable. I have an excellent Private Messaging system.

To SSC: Actually, I am happy to see you here in a timely way; JUST in time to see Tyler's new hat and make-up management program.

Tyler it was before my return last night.

SSC wrote:Tyler it was before my return last night.

Oh OK.

meemoon wrote:To SSC: Actually, I am happy to see you here in a timely way; JUST in time to see Tyler's new hat and make-up management program.

lmao, that all changes tomorrow. I go back to my old avatar. But I'm glad you got to see this one. It was fun..

I am loving the look Tyler, the hat is perfect..lol

SSC wrote:Hey Moon, missed you my dear !!! I have been snowed under with the g-baby starting high school and my daughter working crazy hours with a moving company. I left you a message on your site.

I went back and viewed the message. I had not been there in a week or so. Cobwebs.

SSC wrote:I am loving the look Tyler, the hat is perfect..lol

Thanks, I kinda like it too in strange kind of way..LOL

welll well, lets dont forget that BAMA put that hat on tyler, lol, but make no mistake, i dont like to brag or u wind up getting bit in the ass,, LSU will be hard for BAMA to beat,and visa versa maybe,and i know LSU has a grudge probably with nick saban, who is adored here now anyway, hope we can go forward, but all in all still our main goal is to beat auburn, which we should , but in that game expectations go out the window, the under dog wins alot of them.. ppl still talk about like in the 70s when bama was the heavily favored team. it got 2 punts blocked and David langner ran both in for a td and auburn upset us by one point , it from that day is known as the "punt bama punt" game and still the talk of that game continues, after all those decades, i was watching that game, as u know i guess, texas A&M will be in the SEC next year they are now, i think but will change schedules to play sec teams next year, and Missouri was talked about coming but ppl here and schools dont want missu. i think i heard that would kick alabama out of playing tennesee every year, which is one old and very popular rivalry, that ppl will not give up, take care im rambling,

tyler i noticed u made ur avatar real clear, as a bell, and moons well it looks like he is a green alien. lol,, seems his avatar use to be more clear when he was here last, im messing around i hope u can tell,

rosco 357 wrote:tyler i noticed u made ur avatar real clear, as a bell, and moons well it looks like he is a green alien. lol,, seems his avatar use to be more clear when he was here last, im messing around i hope u can tell,

Moon IS a green alien I thought that was a given..lol

lmao.,, OTA as buckwheat would say

Just in case SSC didn't know, that avatar I had to use for one week was a pic of Boy George. It wasn't me..lol I had to use it because Alabama beat Florida last week. But now I have my old avatar back, ah, I feel better now. :)

rosco 357 wrote:tyler i noticed u made ur avatar real clear, as a bell, and moons well it looks like he is a green alien. lol,, seems his avatar use to be more clear when he was here last, im messing around i hope u can tell,

What makes you think I'm NOT a green alien?

Thank God Tyler, at least I know you haven't crossed the fence..lol