Top Europe court upholds Soros insider trading conviction

6th October 2011, Comments 0 comments

Europe's top rights court on Thursday upheld a 2002 conviction by a French court of US billionaire George Soros for insider trading.

In a four-to-three ruling, the European Court of Human Rights (ECHR) held that there had been "no violation of Article 7 (no punishment without law) of the European Convention on Human Rights."

Soros's lawyer, Ron Soffer, told AFP that he would appeal to the ECHR's Grand Chamber to review the ruling.

The financier was convicted by a Paris court in 2002 over a share deal involving French bank Societe Generale going back to 1988. He was fined 2.2 million euros (2.3 million dollars at the time) for insider trading.

He brought the case to the ECHR in 2006 in a bid to clear his name.

Soros has said his conviction was based on unreliable testimony, that he was presumed to be guilty, didn't receive a fair hearing and that the law he was convicted under was so vague that violations would be impossible to determine.

© 2011 AFP

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