WMG’s Edgar Bronfman Jr. Found Guilty In French Court, Fined $6.7 Million
Just a quick flight from where the world's music industry is gathering in Cannes, a court in Paris has found Edgar Bronfman, Jr., Warmer Music Group's Chairman and CEO, guilty of charges that he mislead investors in Vivendi Universal when we worked at that company in 2002.
As a result of its finding, the Court imposed a fine on Bronfman of U.S. $6.7 million and a three year suspended sentence.
Bronfman said in a statement that he intends to appeal today’s court decision to the Paris Court of Appeal. Under French law, the fine is suspended, pending the final outcome of the case.
Scott M. Sperling, the Chair of the WMG's Executive Governance & Nominating Committee said, that for now at least, they are standing by their man. “The Board of Directors is disappointed with the decision in this matter, and fully supports Mr. Bronfman as he appeals this verdict," he said in a statement.