Breaking => George Soros’s Felony Conviction Upheld By Strasbourg Appeals Court!
George Soros, the billionaire hedge fund manager, has lost a case at the European Court of Human Rights to have his criminal conviction for insider dealing quashed.
The failed appeal in a 4-3 decision by the Strasbourg-based court is the latest twist in a nine-year battle by the 81-year-old Mr Soros to clear his name following his conviction in France in 2002.
The French criminal case hinged on trades that the Hungary-born investor had executed 14 years earlier in the stock of Société Générale that reaped his hedge fund, the Quantum Fund, $2.9m in profits.
Mr Soros was found by the court in 2002 to have had inside knowledge about the intentions of a group of super-wealthy French investors – the “golden granddads” – to bid for the bank.
Although the bid failed, Mr Soros’s fund profited by buying shares before – and selling after – the group’s intentions became public and resulted in a spike in SocGen’s share price.