NEW YORK (AP) — he is `` deeply shocked '' Ex-PM Alain Juppe says he hopes Sarkozy 's defense will demonstrate his innocence . Influence peddling is punishable by up to five years in prison and a 500,000 euro ( $ 683,000 ) fine . Former President Nicolas Sarkozy is placed under formal investigation , French media say . French Prime Minister Manuel Valls says it is a `` serious situation ''
NEW YORK (AP) — he is `` deeply shocked '' Ex-PM Alain Juppe says he hopes Sarkozy 's defense will demonstrate his innocence . Former President Nicolas Sarkozy is placed under formal investigation , French media say . French Prime Minister Manuel Valls says it is a `` serious situation ''