WMG’s Edgar Bronfman jr fined $6.8 million
p2pnet view Crime:- On January 3, I posted a p2pnet item wondering what’d happened to the long-running insider trading case starring Warner Music boss Edgard Bronfman jr (right).
The results had been promised for “later this year” in 2010, but “it’s the beginning of 2011, so what was the court’s verdict?” – I wondered, going on, “They must have come to a decision by now, but we haven’t been able to find it.
“Does anyone know?”
I think I was the only one who was curious.
Today, “I just saw this on Cyberpresse.ca”, says Captain555 in a Reader’s Write to my earlier story on Bronfman’s attempts to sell his tattered music empire, simultaneously trying to figure out how he can continue his ongoing efforts to buy EMI.
“It’s from the Associated Press in Paris, and here’s a rough translation”, says the good captain, going on >>>
Suspended prison sentence and 6.8 millions fine for Edgar Bronfman Jr.
Two former executives of Vivendi, including one influential member of the Bronfman family, were sentenced by a court on Friday in France.
First, the former CEO, Jean-Marie Messier, was sentenced to three years suspended sentence by the Paris court for abuse of corporate assets and for dissemination of false and misleading.
As the former executive vice president of Vivendi, Edgar Bronfman Jr., he was sentenced to 15 months suspended sentence and a fine equivalent to more than 6.8 million CDN for dissemination of false or misleading prospects or condition of an issuer from 2000 to 2002, and price manipulation in 2001.
Jean-Marie Messier of Vivendi left the presidency in 2002, several months after the publication of huge financial losses. The management of the firm was then subjected to a flood of complaints and investigations for a variety of equity and capital offenses.
In the final trial in the United States last year, Mr. Messier has however escaped condemnation.
For their part, the former CEO of VU (Vivendi Universal) Eric Licoys and former Executive Vice President and Chief Financial Officer William Hannezo were sentenced Friday in Paris, to sentences of six and fifteen months in prison suspended. Three other defendants were freed.
Edgar Bronfman Jr., who is 55 years old, is the grand-son of Samuel Bronfman, the elder of the famous family, who spent most of his life in Montreal where he died in 1971.
If it’d been Joe Blogs, he’d have been instantly clapped behind bars.
The Bronfman family made their original millions during the days of booze prohibition in the early 20th century.
Has Edgar given his kids any talks on bright lines and honesty lately, do you think?
Meanwhile, “Bronfman’s lawyer Thierry Marembert said his client would appeal against the decision and ‘continue to vogorously [sic] defend against this charge’,” says the BBC.
“Vogorously”, eh? 
Stay tuned.
Jon Newton - p2pnet
p2pnet – Edgar Bronfman jr ‘insider trading’ trial, January 3, 2011
tattered music empire – For Sale by Owner: Warner Music, January 21, 2011
talks on bright lines – Edgar Bronfman’s kids: online file sharers, December 11, 2007
BBC – Ex-Vivendi bosses convicted in French court, January 21, 2011
First they ignore you, then they laugh at you, then they fight you, then you win ~ Mahatma Gandhi
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January 21st, 2011 at 3:23 pm
Interesting, someone is convicted of a REAL crime and gets away with only a fine, that’s peanuts compared to his net worth (family net worth $5 billion http://www.thedailybeast.com/blogs-and-stories/2010-07-04/edgar-bronfman/).
And he, as head of Warner, supports fining people who help distribute for him Warner’s material a few million, which is equivalent of him being fined 6.8 billion (and if you scale 5 thousand for a college student it is on the same scale — they never attack the rich kids as those kids can afford lawyers).
There’s your modern justice system at work for you! (Don’t agree Justice supporters/members, fucking do something about it and send his ass to jail! You slam the little people, slam the big ones too! The law applies to ALL people EQUALLY!).
January 21st, 2011 at 8:13 pm
@ Robert: ‘The law applies to ALL people EQUALLY!)’
Nope. Sorry.
Cheers!