Former Finance Ministry Undersecretary Found Guilty Skip to content

Former Finance Ministry Undersecretary Found Guilty

Baldur Gudlaugsson, former undersecretary of the Ministry of Finance, was found guilty at Reykjavík District Court yesterday of having used insider information to sell his stock in Landsbanki on September 17 and 18, 2008, a few days before the bank collapsed.


Photo by Páll Stefánsson.

The verdict says that Gudlaugsson abused his position as a public official, which doubles the length of the prison sentence—he was sentenced to two years in prison and it’s an unconditional sentence, reports.

Gudlaugsson faced six charges and was acquitted of one of these charges and partially acquitted of the second charge.

The District Court has confiscated Gudlaugsson’s profits from the sale of his shares—ISK 192 million (USD 1.7 million, EUR 1.2 million)—which is in his account in Arion Bank. Gudlaugsson is also to pay ISK 4.5 million (USD 40,000, EUR 28,000) in legal costs.

This is the first verdict announced in a case sent to the courts by the Special Prosecutor’s Office.

Click here to read more about the case.

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