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Feb 12, 2015
Feb 12, 2015

Iceland convicts bad bankers and says other nations can act

STOCKHOLM/REYKJAVIK, Feb 12 (Reuters) – Iceland’s Supreme
Court has upheld convictions of market manipulation for four
former executives of the failed Kaupthing bank in a landmark
case that the country’s special prosecutor said showed it was
possible to crack down on fraudulent bankers.

Hreidar Mar Sigurdsson, Kaupthing’s former chief executive,
former chairman Sigurdur Einarsson, former CEO of Kaupthing
Luxembourg Magnus Gudmundsson, and Olafur Olafsson, the bank’s
second largest shareholder at the time, were all sentenced on
Thursday to between four and five and a half years.

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