European Court Upholds Soros' Insider Trading Conviction

From The Telegraph (UK):



he European Court of Human Rights has ruled against Mr Soros in the latest blow to the investor in his nine-year battle to have the conviction overturned.

Mr Soros was found guilty of trading on insider information in the French bank but argued that trading regulations were ambiguous.

In a statement released following the unsuccessful appeal, the Court said that while the law was not precisely worded, investors had a duty to be prudent.

The court said Mr Soros was a “famous institutional investor, well-known to the business community” 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 offence of insider trading.”

Mr Soros, now 81, was fined the €2.2m ( 1.9m) he had made from trading in the French bank’s shares. However, while prosecutors filed criminal charges, France’s stock market regulator opted not to pursue a case against the investor, arguing that insider trading laws were too vague.

Read the whole thing here. If you aren’t already, you simply must follow the UK press. They cover stories the US press won’t touch.

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