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(Fraud? What fraud? – promoted by eli_beckerman)

This was quite a popular note on my Facebook page.

Following major bank failures in 2008, both the US and Iceland elected new governments. One of the new governments fired the bank presidents and began criminal investigations. Guess which one.

From Iceland Review:

Former Chair of Iceland’s Kaupthing Arrested in London

Sigurdur Einarsson, former chairman of the defunct Icelandic bank Kaupthing, was arrested in London at 5:30 this morning along with the bank’s biggest customer, Robert Tchenguiz, and five others in a joint operation by the UK Serious Fraud Office (SFO) and the Office of the Special Prosecutor in Iceland.

Raids were conducted at the offices of two companies and the homes of eight individuals in London in conjunction with the arrests, visir.is reports.

According to the newspaper’s sources, Tchenguiz’s brother Vincent and Ármann Thorvaldsson, the former director of Kaupthing Singer & Friedlander, were also among those arrested.

The companies that were searched include Rotch Property, a real estate company under the ownership of Vincent Tchenguiz.

According to the SFO, the raids and arrests are in connection with the fall of Kaupthing. The operation was conducted by 135 police officers.

In Reykjavík, raids were carried out at the homes of two individuals and two persons were arrested. Their names have not been released but they are said to be in their early forties.

These raids and arrests were conducted at the request of the SFO. Police officers and investigators from the Special Prosecutor’s Office were involved along with SFO representatives.

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2 Comments

  1. eli_beckerman

    (criminally and otherwise)

    http://www.facebook.com/makewallstreetpay

    No, no, in this great country, the Department of Justice recommends to the criminals (Bank of America) a lobbying firm prepared to engage in a criminal conspiracy to defeat those trying to blow the whistle on their crimes.  


  2. News from Iceland Review published on April 8.  In particular I like the idea of doubling the length of the prison sentence in cases where public officials abuse their position.

    http://www.icelandreview.com/i…

    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.

    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, visir.is 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.

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This was quite a popular note on my Facebook page.

Following major bank failures in 2008, both the US and Iceland elected new governments. One of the new governments fired the bank presidents and began criminal investigations. Guess which one.

From Iceland Review:

Former Chair of Iceland’s Kaupthing Arrested in London

Sigurdur Einarsson, former chairman of the defunct Icelandic bank Kaupthing, was arrested in London at 5:30 this morning along with the bank’s biggest customer, Robert Tchenguiz, and five others in a joint operation by the UK Serious Fraud Office (SFO) and the Office of the Special Prosecutor in Iceland.

Raids were conducted at the offices of two companies and the homes of eight individuals in London in conjunction with the arrests, visir.is reports.

According to the newspaper’s sources, Tchenguiz’s brother Vincent and Ármann Thorvaldsson, the former director of Kaupthing Singer & Friedlander, were also among those arrested.

The companies that were searched include Rotch Property, a real estate company under the ownership of Vincent Tchenguiz.

According to the SFO, the raids and arrests are in connection with the fall of Kaupthing. The operation was conducted by 135 police officers.

In Reykjavík, raids were carried out at the homes of two individuals and two persons were arrested. Their names have not been released but they are said to be in their early forties.

These raids and arrests were conducted at the request of the SFO. Police officers and investigators from the Special Prosecutor’s Office were involved along with SFO representatives.

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