A French court on Friday convicted U.S. fund manager and philantropist George Soros of insider trading.

The court ruled that Soros, 72, had access to inside information which he used when trading shares of Societe Generale SA, during a takeover battle 14 years ago.

Soros said he will appeal the decision.

The court’s 2.2 million euro fine matches the amount the Hungarian-born magnate was accused of having made from buying stocks at French bank Societe Generale SA with insider knowledge 14 years ago. The court did not seek jail time or punitive financial damages.

Soros, the president of Soros Fund Management, denies having had privileged information.

“I am astounded and dismayed by the court’s ruling. I will appeal the decision to the highest level necessary,” Soros said in a prepared statement. He wasn’t in court Friday.

Societe Generale was privatized in 1987. A year later, its stock price went up during an unsuccessful takeover bid. Soros was accused of having obtained and traded on insider information before the abortive corporate raid pushed up the stock price.

Prosecutors said the case dragged on because Swiss authorities took years to respond to requests for information. Defense lawyers argued unsuccessfully that the case should be thrown out because it took so long to bring to court.