Friday, March 25, 2005
Jurist reports that " French court upholds Soros' insider trading conviction."
One of the problems with operating in a global market is the difficulty of figuring out all the rules and policies that apply. Maybe that is the problem here, or maybe its a situation that some complicated transactions need to be reevaluated by a different court. Te bottom line right now is that Soros was found guilty.
The story from Bloomberg is that "Billionaire investor George Soros was found guilty of insider trading by a French appeals court." It upholds a 2002 conviction for alleged activity from 1998. The Paris Court of Appeals "ruled that Soros's 1988 purchase of Societe Generale SA shares with the knowledge that the bank might be a takeover target broke French insider trading laws." Soros, who claims his innocence, still has the option to take his case to another court.