Billionaire Soros: Guilty of Insider Trading

voanews.com ^ | 20 Dec 2002, 13:23 UTC | VOA News

[Destro]

Billionaire Soros: Guilty of Insider Trading

VOA News

20 Dec 2002, 13:23 UTC

A French court has found U.S. billionaire George Soros guilty of insider trading and fined him $2.2 million on charges that date back nearly 15 years.

The court's penalty is the same amount of money the Hungarian-born financier was accused of having made from buying and selling stocks with insider knowledge at French bank Societe Generale 14 years ago.

The 72-year-old Soros is the president of Soros Fund Management, the world's largest hedge fund. He denied all the charges and was not in court Friday when the verdict was announced.

Soros' defense lawyers argued unsuccessfully that the case should be thrown out because it took so long to bring to court.

Societe Generale was privatized in 1987. A year later, its stock price went up during an unsuccessful takeover bid. Soros was accused of having bought stock based on insider information before the abortive corporate raid pushed up the price.

Soros' two co-defendants, Jean-Charles Naouri and Samir Traboulsi, were both acquitted.

U.S. finance magazine, Forbes, ranked George Soros as the world's 37th richest person this year, with an estimated fortune of $6.9 billion.

Some information for this report provided by Bloomberg.

[Destro]

Post from 2000: French Trial Reportedly Ordered for Soros

[Destro]

bump

[weikel]

Smithers my wallet's in my right back pocket.

[Texaggie79]

[Destro]

Ain't I a handsome and menacing bloke?

[Texaggie79]

Indeed. And I still have you in my mom's attic.

[Bluntpoint]

Sentenced to a 4 instead of a 5 star hotel. His family is devastated by the harsh sentence.

[Destro]

Not in the original packaging? Tisk, tisk.

[pabianice]

GASP! How could this be true of the main contributor to The Brady Campaign to Disarm the Law-Abiding?

[Bluntpoint]

Watch out. I got arrested for tricker treating in an outfit like that.

The pompas ass judge gave me a big lecture concerning my timing.

1:00 am in july.

[Cultural Jihad]

... George Soros guilty of insider trading and fined him $2.2 million ...

That'll help pay for a few "free" heroin needles.

[TopQuark]

tricker treating What's that?

[Bluntpoint]

It is Halloween or what a good prostitutes does.

[dirtboy]

A French court has found U.S. billionaire George Soros guilty of insider trading and fined him $2.2 million on charges that date back nearly 15 years.

He's probably got that much buried in his sofa cushions.

[TopQuark]

The expression is "trick or treat." There is no such word as "tricker."

[Rightone]

Same as a guy with a net worth of $690,000 being fined $220. Whoopee, what a punishment.

[Bluntpoint]

Well, I guess your smarterer than me.

[droid]

[TopQuark]

I guess your [you are] smarterer than me.

Not necessarily: it's not the question of intelligence. It is, however, the question of respecting the listener and, more importantly, preserving our heritage. The language reflects one's values.

So please do not be offended. I too make mistakes, but I do care. A person who confuses "you are" and "your," which is used a million times a day, does not appear to be.

[Bluntpoint]

Your write.