Did Soros really got fined by a FRENCH Court?

Discussion in 'Economics' started by Daal, Jul 25, 2006.

  1. Daal


    "Insider trading conviction

    In 1988, he was asked to join a takeover attempt of the French bank Société Générale. He declined to participate in the bid, but did later buy a relatively small number of shares in the company. Fourteen years later, in 2002, a French court ruled that it was insider trading as defined under French securities laws and fined him $2 million. Soros denied any wrongdoing and said news of the takeover was public knowledge. PBS"

    How on earth a french court can enforce some kind of fine on a American citizen who doesnt even live there?He doesnt even got money there, did they confiscate an asset or something
  2. Cheese


    The usual tedious anti-Anglo/American phobia of the French.
  3. Ogeima


    Haven't heard of it, and I'm no lawyer, but I would think that when you buy a share at an exchange, your buying is (at least partially) under the juridiction of this exchange, regardless of your nationality/location, or those of your broker.
    I would also think that it's not possible to sue for that kind of act 14 years after the facts, though. The procedure must have taken a loooong time....

    Cheese, did you mean the anti-French phobia of the Americans? ;-)