Iceland Sets Precedent: Jails Four Top Bankers for Fraud

Reykjavik, Iceland – Four Kaupthing bank executives have been given the heaviest sentences in Iceland’s history for their role in the nation’s 2008 financial collapse. It is said that the prison sentences, which were upheld by Iceland’s Supreme Court, are setting a precedent for the rest of the world.
Hreidar Mar Sigurdsson, former CEO of Kaupthing, received 5 ½ years; Sigurdur Einarsson, former chairman of the board, received four years; Magnus Gudmundsson, director of Kaupthing Luxembourg, received 4 ½ years; and finally Ólafur Ólafsson, one of the banks biggest shareholders, received 4 ½ years.
The bankers were found guilty in December of 2013 by the Reykjavik District Court of hiding the fact that a Qatari investor bought a stake in the firm with money lent, illegally, by the bank itself. Kaupthing announced a few weeks before the collapse that “His Highness, Sheikh Mohammed Bin Khalifa Bin Hamad al-Thani” had bought a 5.1% stake during the financial crisis in 2008. Kaupthing collapsed under the massive debt.
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