Mar 11, 2014
Iceland Sends Four Bank Bosses to the Slammer
Posted on Dec 12, 2013
The onetime CEO of Iceland’s Kaupthing bank, one Hreidar Mar Sigurdsson, is going to jail for five and a half years for his part in his firm’s downfall—which also helped his country’s economy bottom out in 2008. He’ll be in good company.
Three other former high-level Kaupthing execs, including ousted board Chairman Sigurdur Einarsson, will join Sigurdsson for shorter stints in prison for aiding in the cover-up of a sham deal with a Qatari financier that sank the firm late that year.
Although the BBC pointed out Thursday that the foursome’s punishment amounts to “the heaviest sentences for financial fraud” in the country’s history, it represents a relatively breezy penalty compared with the mass-scale wreckage that ensued.
Still, it adds up to many more days behind bars than certain of their deserving American counterparts are likely to face. Here’s more from the BBC:
—Posted by Kasia Anderson.
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