Visitors Now:
Total Visits:
Total Stories:
Profile image
Story Views

Last Hour:
Last 24 Hours:

Iceland, Where Bad Bankers Go to Jail – Nine Found Guilty in Historic Supreme Court Ruling

Saturday, October 8, 2016 17:34
% of readers think this story is Fact. Add your two cents.

(Before It's News)

October 9th, 2016

By Nadia Prupis

Since its 2008-2011 financial crisis, Iceland has received global recognition for its strategy of prosecuting executives, letting banks go bust, and focusing on social welfare. Now Iceland, which became a gold standard for corporate accountability in the wake of the crisis, has found nine bankers guilty for market manipulation in one of the biggest cases of its kind in the country’s history.


The verdict from Iceland’s Supreme Court, issued Thursday October 6th, overturns a June 2015 decision by the Reykjavik District Court, which found seven of the nine defendants guilty but acquitted two. Sentencing has yet to be handed down yet.

All nine defendants worked at the major international firm Kaupthing Bank until it was taken over by the Icelandic government during the crash. The bank’s former director Hreiðar Már Sigurðsson, who was sentenced to five and a half years in 2013 in a separate Kaupthing case, had his punishment extended by six months in response to the verdict. Acquittals were overturned for former Kaupthing credit representative Björk Þórarinsdóttir and former Kaupthing Luxembourg CEO Magnús Guðmundsson.


[FACEBOOK]: (An interactive community of over 3,000,000)






Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories



Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.