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Thursday, April 24th, 2014

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RACING: Bernie Goes to Court, Finally

Thursday, April 24th, 2014

The Wall Street Journal reports today that a German court opened the trial of Formula One magnate Bernie Ecclestone, who faces charges of bribery and aiding and abetting breach of trust, which upon conviction could carry a jail sentence.

Munich prosecutors have charged Mr. Ecclestone—who built the racing franchise into a global phenomenon—in relation to a $44 million payment that the 83-year-old allegedly made to a former management board member of BayernLB, a Bavarian state-controlled bank. The alleged payment is linked to the bank's sale of its stake in Formula One in 2006.

The charges carry a potential sentence of up to 10 years in jail.

 …Read More…

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