Posted on 03/24/2005 5:13:45 AM PST by Dave Burns
Edited on 03/24/2005 5:30:17 AM PST by Admin Moderator. [history]
A French appeals court on Thursday upheld George Soros' conviction for insider trading, which the billionaire investor says has unfairly damaged his reputation.
The court also upheld a 2002 fine of 2.2 million euros ($2.9 million at current rates) for the Hungarian-born financier. The fine was the same amount he was accused of making from the purchase and the sale of shares in Societe Generale bank 17 years ago, allegedly with insider knowledge.
Soros was not present in court, defense lawyer Ron Soffer said.
At an appeals hearing last month, the billionaire acknowledged hearing about a Paris financier's plans to take over the newly privatized French bank days before he began buying its shares independently.
But Soros, 74, denies that knowledge amounted to insider information or influenced his decision to buy, which he maintains was part of a broader, well-documented investment strategy.
"My reputation is at stake," Soros told the court on Feb. 10.
The three-judge panel was deciding whether to overturn, modify or uphold his original conviction and fine - the only legal blemish on a three-decade investment career. Prosecutors had requested the conviction and fine be maintained.
Soros, whose Quantum Fund is worth about $8.3 billion, emigrated to the United States in 1956 and set up Soros Fund Management in 1973. He later made a fortune on foreign exchange markets and was criticized in some quarters for speculating on, and arguably encouraging, the collapse of Asian currencies in the late 1990s.
He now heads a philanthropic network that has funneled massive sums into education, public health, science and non-governmental groups, mostly in the former communist bloc.
Now THAT is interesting... Details? Links?
30 years with hard labor should suffice here.
This will deal a huge blow to his credibility as a hedge fund manager.
Yes please - details, links, penalty recommendations?
Yippee, when does he get extradited??
French punishment probably requires bathing with soap and water, wearing deodorant, and speaking English.
Isn't this old news?
Dust off the "National Razor."
French appeals court to rule in Soros case
MAR. 24 6:46 A.M. ET A French appeals court is set to rule Thursday on George Soros' bid to overturn an earlier conviction for insider trading, which the billionaire investor says has unfairly damaged his reputation.
The Hungarian-born financier was fined euro2.2 million (US$2.9 million at today's rates) in December 2002 -- the amount he was accused of making from the purchase and sale of shares in Societe Generale bank 17 years ago, allegedly with insider knowledge.
At an appeals hearing last month, Soros acknowledged hearing about a Paris financier's plans to take over the newly privatized French bank days before he began buying its shares independently.
But Soros, 74, denies that knowledge amounted to insider information or influenced his decision to buy, which he maintains was part of a broader, well-documented investment strategy.
"My reputation is at stake," Soros told the court on Feb. 10.
The three-judge panel will deliver its decision Thursday afternoon on whether to overturn, modify or uphold his original conviction and fine -- the only legal blemish on a three-decade investment career. Prosecutors have requested that they be maintained.
Soros, whose Quantum Fund is worth about US$8.3 billion (euro6.4 billion), emigrated to the United States in 1956 and set up Soros Fund Management in 1973. He later made a fortune on foreign exchange markets and was criticized in some quarters for speculating on, and arguably encouraging, the collapse of Asian currencies in the late 1990s.
He now heads a philanthropic network that has funneled massive sums into education, public health, science and non-governmental groups, mostly in the former communist bloc.
http://www.businessweek.com/ap/financialnews/D891AH7O0.htm?campaign_id=apn_home_down
Thanks. The appeal court upheld his previous conviction.
...And What do we Have for Him, Bob!
probably get a prize, considering these smarmy, lawless urchins running that country.
Kinda puts the "lie" to the lefties claim that this guy made his bucks by being smart.
I recommend that he be confined to Martha Stewart's new home, in the SAME ROOM with her 24/7.
France's penalty to George Soros for not getting rid of Bush.
Punishment. Let's see...guilliotine? Devil's Island? 24 hours/seven days a week of Jerry Lewis movies? Life time subscription to the Moveon.org website???
It ought to be on a stake.
To the French, wouldn't this be cruel and unusual?
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