Today’s Financial Times discusses the reopening of left-wing billionaire George Soros’ 2002 conviction for insider trading:
Mr Soros was found guilty of insider trading in 2002, allegations he has always denied, and received a fine of €2.2m – no more than his profits from the trades – which was reduced on appeal in 2007 to €940,507.
He lodged a complaint against his conviction with the European Court of Human Rights in December 2006 and on Wednesday a chamber of seven judges decided that his application to have the case reviewed was at least partly admissible.
Mr. Soros had launched a complaint under article seven of the Convention of Human Rights, in which he alleged the law applicable at the relevant time had been too unclear for him to realise that he was doing anything wrong.
The FT article states that Soros had been privately informed in 1988 of the coming takeover of a French bank (he had been invited to participate in the takeover, but declined). He then he bought stock in the bank that was to be taken over.
If George Soros doesn’t understand insider trading, then no one does.