Former Kaupthing Employees Sentenced to Prison Skip to content

Former Kaupthing Employees Sentenced to Prison

Two former employees of Kaupthing, now Arion Bank, fund manager Daníel Thórdarson and stockbroker Stefnir Ingi Agnarsson, were sentenced to eight months in prison for market abuse in Reykjavík District Court yesterday morning.

The headquarters of Kaupthing in Reykjavík. Copyright: Icelandic Photo Agency.

Thórdarson and Agnarsson were charged for having on six occasions made a joint acquisition offer to financial services group Exista shortly before markets closed in January and February last year, reports.

The acquisition offers, which were all worth ISK 5 million (USD 40,000, EUR 27,000), were intended to raise the price of shares in Exista, a major shareholder in Kaupthing at the time, and thus increase demand for them.

In addition to serving the prison sentence, Thórdarson and Agnarsson must pay more than ISK 1.1 million (USD 8,800, EUR 6,000) in legal costs.

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