Billionaire And The SocGen Insider Case

CNN reports that American billionaire George Soros is currently standing trial in France accused with three others of insider dealing in connection with the purchase of shares in Societe Generale from 1988.

Soros is one of four defendants out of an original eleven who were accused of wrongdoing. Two other high-profile businessmen implicated in the scandal, Robert Maxwell and Edmund Safra, have since died. The four defendants stand accused of making $11m on Societe Generale shares after being privy to inside information.

The Hungarian-born investor, who is believed to have made $2m on the shares, has denied wrongdoing. He told the court: 'All I can say is I have been in this business all my life and think I know what is insider trading and what isn't......I had no reason to believe I was receiving priviledged information'.

Soros could face a large fine and up to two years in prison if convicted. The trial is expected to last for another two weeks or so.

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