Five Former Glitnir Bankers Charged Skip to content

Five Former Glitnir Bankers Charged

The state prosecutor has filed charges against Lárus Welding, former CEO of Glitnir bank, for breach of trust and market manipulation, Kjarninn reports. In addition, four former employees of Glitnir have been charged with market manipulation. Lárus received a five-year sentence in a so-called Stím case in the Reykjavík District Court in December.

Charges will be presented to the defendants today. Ólafur Þór Hauksson, district prosecutor, told RÚV the case is similar in size to the market manipulation cases of Kaupþing bank and Landsbanki, in which sentences have already been passed.

In the Landsbanki case, the bank’s former CEO and three former employees were found guilty of market manipulation in the Supreme Court in February and sentenced to prison.

In the Kaupþing market manipulation case, Kaupþing’s former CEO, its former board president, the former CEO of Kaupþing in Iceland, and four Kaupþing employees, were all found guilty in district court last summer.

According to Ólafur Þór, the Glitnir case extends over a longer period of time than the other market manipulation cases, which stretched from November 2007 until the financial crisis in the fall of 2008.

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