Warner Music Group CEO Fined $6.7 m, Face Jail Time

Music giant, Warner Music Group CEO, Edgar Bronfman Jr. is facing a 15 months prison sentence, as well as, a fine of up to US$6.7 million for past mistakes made while at Vivendi Universal.

The Associated Press reported yesterday that Bronfman conveyed “false or misleading information” about the company, along with manipulating stock prices.

A French court judge delivered the verdict Friday, January 21st, but Bronfman plans to appeal the ruling.

“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 release to the media.

“As I have consistently stated, my trades were proper,” he added.

This news came on the heals of a possible sale of Warner Music Group, as the company recently hired Goldman Sachs to over see negotiations.