Hedge Funds

Paris court upholds Soros insider-trading conviction


The highest appeals court in France has rejected an appeal by George Soros to overturn his 2005 conviction on insider trading charges.

The court upheld last year's judgment that Soros had violated insider trading laws in his 1988 purchase of shares of Société Générale through prior knowledge that the firm might be the target of a takeover. Soros has argued that the information he used in purchasing the shares was not confidential.

As a result of the decision, Soros was ordered to give back 2.2 million euros in gains earned from the transaction. Soros is the only individual