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Iceland finds all guilty in banker market-abuse case

Monday, October 10, 2016 23:20
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Hreiðar Már Sigurðsson, Ingólfur Helgason and Sigurður Einarsson. Photo: Iceland Monitor

Hreiðar Már Sigurðsson, Ingólfur Helgason and Sigurður Einarsson. Photo: Iceland Monitor

Iceland’s Supreme Court has return a guilty verdict for all nine defendants in the Kaupþing market manipulation case, the court trial for which began in April 2015.

Back in June last year, the Reykjavik District Court found seven of the nine defendants guilty, acquitting two.

Birn­ir Sær Björns­son, Ein­ar Pálmi Sig­munds­son and Pét­ur Krist­inn Guðmars­son. Photo: Iceland Monitor

Birn­ir Sær Björns­son, Ein­ar Pálmi Sig­munds­son and Pét­ur Krist­inn Guðmars­son. Photo: Iceland Monitor

By fully financing share purchases with no other surety than the shares themselves, the bankers were accused of giving a false and misleading impression of demand for Kaupþingi shares by means of deception and pretence.

The Supreme Court has now overturned the acquittals, finding Björk Þórarinsdóttir (credit representative at Kaupþing) and Magnús Guðmundsson (former CEO of Kaupthing Luxembourg) also guilty alongside the other seven.

[More…]

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