From Iceland — Human Rights Court Rejects Inside Trader's Appeal

Human Rights Court Rejects Inside Trader’s Appeal

Published January 20, 2014

Photo by
Vincent Kessler

The European Court of Human Rights has rejected an appeal from a former Ministry of Finance official convicted of insider trading in 2012.
RÚV reports that Karl Axelsson, the lawyer of Baldur Guðlaugsson, has confirmed that the European Court of Human Rights will not hear Baldur’s appeal.
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, which upheld the district court’s verdict.
Baldur, however, believed that his human rights were violated in how his case was handled. In particular, he contended that he was not allowed to introduce evidence that could have helped his case, that he was convicted of a crime for which he was not charged, and that the legal principle of ne bis in idim – wherein no legal action can be instituted twice for the same cause of action – was violated. As such, he submitted his case to the European Court of Human Rights for review in 2012.
The court’s rejection of the matter therefore concludes his case, and his conviction is final.

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