Warner CEO Edgar Bronfman Jr. is facing jail time and heavy fines 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.
This news arrives just as Warner Music Group hired Goldman Sachs to handle a possible sale of Warner Music Group. While Warner is in their sales transition, they may lose their CEO in the process.