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Icelandic Bankers Sentenced to Prison for Market Abuse

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Icelandic Bankers Sentenced to Prison for Market Abuse

The Reykjavík District Court today handed four former key executives and majority owners of Kaupþing Bank the heaviest sentence ever given in Iceland for economic fraud in the so-called Al-Thani case. The four were charged with market manipulation in relation to Sheik Mohammed Bin Khalifa Al-Thani of Qatar’s acquisition of more than five percent of shares (worth ISK 25 billion) in Kaupþing Bank shortly before it collapsed in autumn 2008.

kaupthinghead_ipa-sjoPhoto: Kaupþing headquarters. Copyright Icelandic Photo Agency.

Hreiðar Már Sigurðsson, former director of the bank, got the longest sentence at five and a half years. Sigurður Einarsson, former chairman of the board, got five years while investor, and one of the bank’s biggest shareholders, Ólafur Ólafsson, got three and a half years Magnús Guðmundsson, director of Kaupthing Luxembourg, got three years, visir.is reports.

Related:24.04.2013 | Al-Thani Case Most Likely Postponed by Ten Months11.04.2013 | Principal Proceedings in Al-Thani Case Postponed

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