The Supreme Court has confirmed the conviction of insider trading against a former Ministry of Finance official, making it the first such conviction of its kind in Icelandic history.
As reported, Reykjavík District Court convicted former Ministry of Finance manager Baldur Guðlaugsson of insider trading in 2011. Baldur was privy to a great deal of financial information that the general public did not have. On September 2, 2008, he attended a meeting with the British finance ministry, where Icesave deposits were discussed. On September 17 and 18, he sold his shares in Landsbanki for 192 million ISK.
An investigation was launched almost immediately following the crash into Baldur’s trading, with the Special Prosecutor freezing the 192 million ISK in November 2009. Sentenced by the Reykjavík District Court in April 2011 to two years in prison, he appealed the decision to the Supreme Court.
Vísir now reports that they have confirmed the sentence against him. This makes the first time in Icelandic history that the Supreme Court has handed down a sentence for insider trading.