CEO of Warner Music Group Fined $6.7 Million and Faces Jail Time
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Category:
Music

CEO Of Warner Music Group Fined $6.7 Million And Faces Jail Time

Warner CEO Edgar Bronfman Jr. is facing heavy fines and jail time for misconduct at his previous position at Vivendi Universal. While holding an executive position at Vivendi, The Associated Press reports that Bronfman conveyed "false or misleading information" about the company, along with manipulating stock prices.
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Vince Yuen
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Published: Jan 23, 2011 02:04 pm

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Warner CEO Edgar Bronfman Jr. is facing heavy fines and jail time for misconduct at his previous position at Vivendi Universal. While holding an executive position at Vivendi, The Associated Press reports that Bronfman conveyed “false or misleading information” about the company, along with manipulating stock prices. The verdict was delivered Friday, January 21st in a French court. Bronfman plans to appeal.

“I am disappointed that the court differed with both the Paris public prosecutor and the lead civil claimant in the case, APPAC, who both took the position that I should be acquitted,” Bronfman said in his statement. “As I have consistently stated, my trades were proper.”

As of right now, Bronfman faces a suspended 15-month prison sentence, along with $6.7 million in fines. The sentencing is currently in limbo upon further investigation.

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Image of Vince Yuen
Vince Yuen
Vince Yuen is an Associate Editor and author for We Got This Covered based just north of Toronto. I'm a graduate from York University and write video game and music articles for the site in my spare time.