Dominique Strauss-Kahn, the former head of the International Monetary Fund, has been cleared by a French court of “aggravated pimping” charges.
Strauss-Kahn could have faced a prison term of 10 years and a €1.5m (£1.1m) fine.
The news comes after a three-week trial where he was accused of helping to supply prostitutes for sex parties he attended in Lille, Paris and Washington.
The courts were unable to prove that Strauss-Kahn had promoted or profited from the prostitution of seven women, Al-Jazeera reports.
Prosecutors declared him innocent saying that “neither the judicial enquiry nor the hearing have established that Mr Strauss-Kahn is guilty”.
The verdict from a panel of French judges comes four years after Strauss-Kahn was accused by a New York hotel chambermaid of sexual assault.
New York prosecutors abandoned criminal charges in 2011. Strauss-Kahn financially settled with the woman out of court.
After his resignation from the IMF in 2011, Strauss-Kahn created LSK & Partners with civil engineer Thierry Leyne in 2013, and in March 2014 Strauss-Kahn was planning to raise $2bn to launch a macro hedge fund with his daughter and economist Vanessa. However, after Leyne’s death late last year the firm was declared insolvent.