Fraud
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Wave Of Booking Fraud Hits Tourism Industry
A surge of booking fraud has caused significant financial losses for Icelandic tourism companies in recent weeks, reports RÚV. What was once an occasional issue has now escalated to over a dozen fraudulent transactions daily. Trips are booked with little notice, and…
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Guðlaugur Hermannsson, Liberal Democratic Candidate, Bows Out
Guðlaugur Hermannsson, former candidate for the Liberal Democratic Party, has withdrawn his candidacy in the upcoming election in wake of embezzlement allegations. According to Fréttablaðið, the allegations concern fraud of unemployment funds amounting to 7.7 million ISK. Guðlaugur is supposed to have…
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Former Employee Of Iceland’s Navigation Services Bribed In Millions
A former Isavia employee has been charged by the district prosecutor with bribery and fraud. The man accused was a service manager for the company and has, allegedly, accepted bribes in a total of 3.5 million ISK from an Icelandic technology company.…
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Money Laundering In Iceland, And How We’re Fighting It
Guðrún Árnadóttir and Björn Þorvaldsson do not have the most glamorous jobs in the world. In fact, chances are you never heard of them before if you haven’t been following the Icelandic news for the past ten years now. And yet these…
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“Major Deception” Occurred With Bank Sale, Investigation Finds
The Parliamentary Investigation Commission (RNA) has concluded that the German bank Hauck & Aufhäuser was never an investor in The Agricultural Bank of Iceland (Búnaðarbanki) when the Icelandic government’s 45.8% share in the bank was sold to the now-defunct Kaupthing Bank in…
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Contractors Also Suspected Of Human Trafficking
The contractors accused of tax and accounting fraud might also be engaging in human trafficking, police suspect. As reported, five people are in custody after a major police operation was launched Tuesday morning. Nine arrests were made in all, and 11 locations…
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Five In Custody For Tax And Accounting Offenses
A major operation is underway that has targeted 11 locations for tax and accounting fraud, with multiple arrests. RÚV reports that five people are in custody after a major police operation was launched Tuesday morning. Nine arrests were made in all, and…
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Supreme Court Confirms: Jailtime For Bankers
The Supreme Court has sentenced several key players in a market manipulation case within Landsbanki, confirming sentences handed down to the bankers by lower courts. RÚV reports that former bank manager of Landsbanki Sigurjón Þ. Árnason, along with former Landsbanki investment bankers…
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Kaupthing Bankers Acquitted Of Additional Charges
Reykjavík District Court has acquitted three Kaupthing bankers of additional charges added to the ones they are already convicted of committing. RÚV reports that the court ruled this morning to acquit former Kaupþing director Hreiðar Már Sigurðsson, former Kaupthing Chairperson of the…
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Icelander Wanted In U.S For Stealing Millions
California Police are attempting to locate Icelander, Alfreð Örn Clausen, on suspicion of stealing 44 Million USD, reports RÚV. Alfreð, 41, allegedly committed grand theft by stealing millions from victims who sought loan modifications from their fraudulent law firm. According to San Bernardino County District…
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Siggi Hacker Sentenced To Two Years
Reykjanes District Court has handed Sigurður Ingi Þórðarson, also known as “Siggi Hacker,” a two year prison sentence for fraud. In all Sigurður admitted guilt to embezzling, defrauding and stealing about 30 million ISK, reports MBL. As reported, Sigurður faced a total…
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Fraud Case Defense Calls Julian Assange As Witness
Sigurður Ingi Þórðarson’s defense lawyer, Vilhjálmur H. Vilhjálmsson, has demanded that Wikileaks founder Julian Assange, show up in the district court of Reykjavík as a witness in an ongoing case against Sigurður. This was reported by DV. Sigurður Ingi Þórðarson has been…
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New Wave Of “Microsoft” Fraudsters Hit Iceland
Fraudsters pretending to be employees of Microsoft are contacting Icelanders by both letter and telephone. MBL reports that one of the most common tactics these fraudsters will use will be to call people on their home phones, purporting to be employees of…
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Prison Sentences For Five Former Glitnir Bankers
Reykjavík District Court yesterday sentenced five Glitnir bankers to four to five years in prison for market manipulation and fraud. DV reports that former Glitnir stockbroker Elmar Svavarsson, former Glitnir Director of Capital Markets Jóhannes Baldursson and former Glitnir Head of Private…
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Three Bankers Charged With Financial Crimes
Former Glitnir manager Lárus Welding, former managing director of marketing at Glitnir Jóhannes Baldursson and former bank manager of Saga Capital Þorvaldur Lúðvík Sigurjónsson all have one thing in common: they are all facing charges of market manipulation. DV reports that the charges…
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Monday Morning Coming Down
Monday morning after Verslunarmannahelgi. Something’s wrong. I sit up and my surroundings seem strangely familiar. At first glance, this does not seem to be a moss-covered hill somewhere in the middle of nowhere, or even an unknown tent. On closer inspection, it…