Violation Could Mean 10 Years in Prison Skip to content

Violation Could Mean 10 Years in Prison

By Iceland Review

Chairman of the Financial Supervisory Authority (FME), Gunnar Andersen says that the biggest cases they have been investigating since the economic collapse are criminal cases which could result in up to ten years in prison, reports.

Reykjavik District Court.

Andersen said that all the cases the FME has investigated since the collapse are so substantial that they have been forwarded to a district attorney specially assigned to handle cases related to the collapse. Andersen says that the cases deal with billions and tens of billions, and penalties for such alleged offenses can lead to ten years in prison. Some cases deal with hundreds of billions of dollars.

According to Andersen, many of the cases the FME is looking into are clear violations of law, but authorities failed to deal with them at the time. He says that the cases include virtual business transactions, insider trading and different kinds of market abuse.

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