Inside Trader Behind Bars - The Reykjavik Grapevine

Inside Trader Behind Bars

Published March 13, 2012

A former Ministry of Finance official convicted of insider trading is currently behind bars in downtown Reykjavík, to be moved to one of two other prisons later on.
As reported, former Permanent Secretary of the Ministry of Finance Baldur Guðlaugsson was, in 2008, 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. While no longer able to appeal the sentence in Iceland, has since filed charges with the European Court of Human Rights.
RÚV now reports that Baldur is currently being held at Hegningarhús (shown above) in downtown Reykjavík, where he has been for the past two days. He will soon be moved to either Kvíabryggja or Bitra; two minimum security prisons designated for convicts who are not considered dangerous.

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