Former Icelandic Bank Execs Jailed For Fraud
Former Icelandic bank execs jailed for fraud
http://www.icenews.is/index.php/2012/06/15/former-icelandic-bank-ex...
Posted on15 June 2012.
The former chairman and the former CEO of the Icelandic Byr Savings Bank have each been sentenced to four-and-a-half years behind bars after being found guilty of fraud. The country’s Supreme Court found that Jon Thorsteinn Jonsson and Ragnar Zophonias Gudjonsson abused their positions as executives at Byr when granting an ISK 800 million (EUR 4.9 million) loan to Exeter Holdings ehf, just as the Icelandic banking system was on the brink of collapse in 2008.
Exeter then used the loan to buy Gudjonsson and Jonsson’s shares in Byr, before putting them up for sale as a collateral guarantee for the loan.
A ruling posted on the Supreme Court’s website said the sentences were harsh because the “magnitude of the offences was significant”. It continued that Gudjonsson’s “infraction was committed under the auspices of his mandate” as Byr’s CEO, and that Jonsson’s action “relieved him from personal guarantees on loans”.
Comment
"Destroying the New World Order"
THANK YOU FOR SUPPORTING THE SITE!
Latest Activity
- Top News
- Everything
Is America on the brink of a Dire Emergency
You might know if you have remained informed that America has been under asymmetric warfare for…See More
Sustenance
"Bacon health to the nation for one and all and stealth for operations elsewhere in the war. Yip a…"
The Consequence of Loneliness: Another Missing Person Case
Chapter I“Unit 7, Unit 7. Do you read? This is dispatch!”“This is Unit 7, over!” Deputy Patterson…See More
Devo - Fresh
"Fresh" is from Devo's 2010 album, Something For Everybody. Video producer – Brian Carr/David VotteroVideo director – Gerald Casale & Davy Forcehttps://www.C...
"Remember that song by Alan Parsons "Eye in the Sky"?"
© 2025 Created by truth.
Powered by
You need to be a member of 12160 Social Network to add comments!
Join 12160 Social Network