The biggest fraud case involving corrupt bankers in Iceland has seen six defendants handed prison sentences in the Kaupþing bank market manipulation case.
The former Director of one of Iceland’s biggest banks has been sentenced to four years and six months in prison.
The other sentences are as follows:
- Bjarki Diego, former Credit Manager: two years and six months
- Einar Pálmi Sigmundsson, former Director of Proprietary Trading: two years (suspended)
- Birnir Sær Björnsson and Pétur Kristinn Guðmarsson, proprietary trading executives: eighteen months (suspended)
- Sigurður Einarsson, former Kaupþing board chairman: one year
- Hreiðar Már Sigurðsson, former Director of the bank, received no further penalty, having previously been sentenced in the ‘Al-Thani affair’.
The two remaining defendants, Björk Þórarinsdóttir and Magnús Guðmundsson, were acquitted of all or most charges.