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March 24, 2005 / 2:06 PM

Soros' conviction upheld

PARIS, March 24 (UPI) -- A French appeals court has upheld billionaire George Soros' 2002 a conviction and fine of $2.9 million for insider trading, Crain's New York Business reports.

Soros was convicted of having insider information before he bought shares in French bank Societe Generale in 1988. Soros allegedly knew the bank was to be targeted in a takeover attempt.

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The $2.9 million (2.2 million euros) fine is equal to the profit Soros made from selling the shares after takeover talks broke down.

Soros plans to file an appeal.

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George Soros

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