Iceland Jailed 7 Bank Executives For Market Manipulation

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Written by True Activist

 

In one of the biggest cases of its kind, seven executives from the Kaupþing bank have been handed prison sentences for market manipulation .

According to The icelandmonitor: “By fully financing share purchases with no other surety than the shares themselves, the bank was accused of giving a false and misleading impression of demand for Kaupþingi shares by means of deception and pretence.”

They were accused of trying to artificially inflate share prices in 2008 by using the bank’s funds to buy shares.

The Iceland Reveiew reported: The court case began in late April, and the hearings were the most wide-ranging and complex in Icelandic legal history. Over 50 witnesses were called, and testimony lasted for many weeks. They were quizzed on the nine defendants’ suspected illegal trade in their own bank’s shares in the lead up to its collapse. Charges laid by the Special Prosecutor claimed that the widespread illegal trade was carefully choreographed and highly deceptive.

By jailing these executives of Iceland’s failed Kaupthing Bank, the country showed the world how to deal with corrupt banks.

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5 COMMENTS

  1. And here in America bankers caught manipulating the currency market do not get prison and are fined small amount. Business as usual in the U.S/.

    • It doesn’t matter if they’re jailed. We’re still fucked over here. There’s a lot more to the problem than just those seven bankers. We have a ridiculously corrupt government that’s driving the country to the ground right now, so much that when we protest, they shame us for unfairness and intolerance, and when we go on strike they make strikes illegal. They raise their own salary by hundreds of thousands of kronas in a matter of weeks and barely raise minimum wage by a hundred thousand over three years. Those on healthcare and are unable to work and rely on the government to get by don’t get any raise and are slowly put a hundred thousand kronas behind minimum wage, all the while market prices skyrocket to the point where people on healthcare and the lowest paid classes have to choose between getting evicted or starving.

      Living in Iceland used be an awesome reality. Now I really wish it was just a nightmare. Because of Icelandic politicians and bankers, I’m absolutely fucked if I don’t move out of the country. I’ll literally be dead within the next decade.

      I want off this goddamn island.

    • In denmark, we let them go without a fine, prison or a warning, 8 bankers go free pocket full of money, while poor ppl have empty pocket, yet it’s the poor ppl that have to pay when rich ppl manipulate business and commit crime, without getting what they deserve. And elder poor ppl, who have saved money for all the years they have worked and saved, get “lost” and end up in the bankers pocket, and they have to leave their home, forget their pension and best case, they just have to make save money again. And danish ppl keeps saying Denmark is 1 of the least corrupt countries. 8 bankers have manipulated the papers, so normal ppl have lost all their money, and some ppl have lost their homes, and yet the bankers can fill their pockets and walk freely knowing what they did was illegal and morally wrong. i know business is about hustling, but not when it comes to ppl’s home! if it’s true that we are 1 of the least corrupted countries, then we are fucked.. At least Iceland showed us their backbone!

  2. When will we as a nation wake the hell up and realize that banks in general control everything and we the people need to stand together and do the same thing as Iceland has done. If we can’t this right, we are all surely going have a much worse future for all our future generations. Again TO ALL AMERICA, THIS IS A WAKE UP CALL!!!! Time to imprison our government The Federal Reserve and all banks. WAKE UP PEOPLE FOR REAL IT’S OUR NATION, LET’S TAKE IT BACK ALREADY!!!

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