The Wall Street Journal has fired its highly regarded chief foreign affairs correspondent after evidence emerged about his involvement in a prospective business deal with an international businessman who was one of his key sources.

The newspaper says it was "dismayed by the actions and poor judgment" of reporter Jay Solomon.

Solomon was offered a 10 percent stake in a fledgling company by Farhad Azima, an Iranian-born aviation magnate who has ferried weapons for the CIA. It was not clear whether Solomon ever received money or formally accepted a stake in the company.

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Azima was the subject of an Associated Press investigative story published Tuesday. During the course of the investigation, the AP obtained emails and text messages between Azima and Solomon, as well as other documents.

"I clearly made mistakes in my reporting and entered into a world I didn't understand," Solomon told the Associated Press on Wednesday. "I ever entered into any business with Farhad Azima, nor did I ever intend to. But I understand why the emails and the conversations I had with Mr. Azima may look like I was involved in some seriously troubling activities. I apologize to my bosses and colleagues at the Journal, who were nothing but great to me."



