Former Permanent Secretary Gets Two Years in Prison

News

Former Permanent Secretary Gets Two Years in Prison

The Supreme Court has jailed former Permanent Secretary of the Ministry of Finance Baldur Guðlaugsson to two years in prison for insider dealing at Landsbanki on the 17th and 18th of September,  2008. Baldur was part of the government’s crisis group and had insider information about the banks, which went bust two weeks later.

The ISK 192 million (USD 1,5 million, GBP 984,000) profit of the sale of his personal shares had already been seized.

State Prosecutor Sigríður J Friðjónsdóttir commented that two years was too short for cases of insider trading like this as the maximum sentence is nine years in prison.

PS