Soros appeals insider trading conviction
Controversial billionaire George Soros, flanked by lawyers, launched his appeal against an insider trader conviction in Paris today.
The Hungarian-born financier was fined €2.2m in December 2002 - matching the amount he was accused of having made from buying and selling shares of French bank Societe Generale with insider knowledge 17 years ago.
Soros, 74, said in 2002 that he was “astounded and dismayed” by the ruling and vowed to appeal “to the highest level necessary.” He denied having had inside information and called the charges against him “unfounded and without merit”.
The appeal court’s decision is not expected for weeks.
Soros made his fortune managing investment funds. His Quantum Group of Funds, now worth €6.5bn.
He pumped €20.3m into Democratic causes in the US last year in a bid to get President George Bush out of the White House.
Soros is said to have made $1bn (€780m) profit at Britain’s expense on Black Wednesday – 16 September 1992 – when the country crashed out of the ERM, a system for tying the pound and other currencies’ values to that of the German mark.
He had borrowed heavily to bet that sterling would be devalued.
