“Warner Music Group Corp. chairman and chief executive officer Edgar Bronfman Jr. faces preliminary charges of insider trading as part of a probe into alleged wrongdoing at French media and telecom group Vivendi Universal SA, judicial officials said Thursday,” The Associated Press reports.
“Mr. Bronfman, the former executive vice-chairman of Vivendi, is suspected of insider trading in connection with a sale of Vivendi shares in January 2000, the officials said, speaking on condition of anonymity because the investigation is ongoing,” AP reports. “He was notified of the preliminary charges against him in mid-January, officials said.”
“Several other former Vivendi executives, including ex-chairman Jean-Marie Messier, also face preliminary charges as part of the investigation,” AP reports. “Under French law, preliminary charges mean an investigating judge has determined there is strong evidence to suggest involvement in a crime. The filing gives the magistrate time to pursue an investigation that can result in a trial or in the charges being dropped.”
Full article here.
[Thanks to MacDailyNews Reader “Shawn P.” for the heads up.]
Gee, that’s too bad.