Ex-Glitnir Banker Sigurdsson Gets 12 Months for Insider Trading

Fridfinnur Ragnar Sigurdsson, a former executive with failed Icelandic lender Glitnir Bank hf, was sentenced to 12 months in jail for insider trading, the District Court of Reykjavik ruled today.

The former executive was indicted for “insider trading” for having on five separate occasions in 2008 sold a total of 1.26 million Glitnir shares for 20.1 million kronur ($159,000), according to the prosecution.

Sigurdsson is the third former Glitnir banker to receive jail time after the court in December sentenced Larus Welding, the former chief executive officer, and Gudmundur Hjaltason, an ex-director, to nine-month terms for fraud. Glitnir was the first of Iceland’s three-biggest banks to fail in 2008, triggering the biggest recession in six decades and sending the krona down as much as 80 percent against the euro in the offshore market.

Sigurdsson couldn’t be immediately reached through his lawyer, Reimar S. Petursson.

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