Second former EADS exec charged in trading probe

[maddezmom]

Source: AP

PARIS - As French authorities filed preliminary charges against a second former EADS executive, the head of the aerospace and defense giant warned on Wednesday that investigations into insider trading could last as long as seven years.

Judicial officials said charges were filed late Tuesday against Jean-Paul Gut, a former deputy chief executive who oversaw strategy for Airbus' parent. Bail was set at 400,000 euros ($619,000), the officials said on condition of anonymity because they were not authorized to speak publicly about the case.

Former co-CEO Noel Forgeard has already been charged preliminarily for insider trading. He is free on 1 million euros ($1.5 million) bail. Both deny wrongdoing.

France has two related probes, one by the Paris prosecutor, the other by the AMF, the Financial Markets Authority. The judges' probe into alleged insider trading at EADS was opened in late 2006.



Read more: http://news.yahoo.com/s/ap/20080618/ap_on_bi_ge/france_eads_trading_probe;_