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Bankers Sentenced in Supreme Court

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Bankers Sentenced in Supreme Court

Supreme Court of Iceland

The Supreme Court of Iceland. Photo: Páll Kjartansson.

Former Landsbanki CEO Sigurjón Árnason and three of his subordinates were sentenced today in the Supreme Court of Iceland for market manipulation, RÚV reports. Sigurjón received an 18-month prison sentence, in addition to the three and a half years he already received in the first part of the case, the so-called Imon Case, in October of last year. Thus, his sentence has been extended to five years.

In addition to Sigurjón, Ívar Guðjónsson, former head of proprietary trading at the bank, Júlíus Steinar Heiðarsson and Sindri Sveinsson, former subordinates of Ívar, were accused of across-the-board market mismanagement, for keeping share prices high by purchasing large numbers of the bank’s shares for almost a year before the financial crisis.

Ívar received a two year prison sentence, Júlíus received one year in prison and Sindri nine months. The Supreme Court’s sentences were all heavier than those which the accused had received in the Reykjavík District Court.

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