French Regulators Fine Vivendi and Messier

French regulators fined Vivendi Universal and its former boss Jean-Marie Messier nearly $1.4 million each for deceiving investors with inaccurate financial communications.

The Financial Market Authority’s ruling cleared Messier of insider trading but found that he consistently misstated cash flow in 2001-02 and used false accounting to hide the true level of the media conglomerate’s debt.

Messier’s lawyer said his client would appeal the fine. Vivendi said it was studying the decision and was keeping its legal options open.