Sigurjon Arnason, the former CEO of the failed Icelandic bank Landsbanki, is by the court sentenced to a sentence of twelve months, of which nine conditional, because prohibited market manipulation in 2008. Lansbanki was the mother of the online savings bank Icesave. Many British and Dutch savers had to be when the company went bankrupt in 2008, offset.
In the months leading up to the demise of Landsbanki would Arnason with some accomplices a secret loan to an investor, provided that these shares Landsbanki would buy. The rate was thus artificially held high and investors were misled.
Victim
Despite the condemnation Arnason continues to maintain his innocence and he says he is the victim of a false representation of affairs. “To my great disappointment is hardly listened to my arguments,” he says to the Icelandic media. Arnason In 2011 also arrested on suspicion of market manipulation.
The 48-year-old Arnason was trained as an engineer and graduated from the University Reykjavik in 1992 with a degree in mechanical engineering. Then he went to the University of Minnesota where he studied business. In 2003 he was appointed Chairman of Landsbanki.
Icesave
Vanaf Landsbanki in October 2006 began to raise capital on the British and Dutch market using the online savings bank Icesave. “That way we have a permanent solution to our funding,” said Arnason early 2007 on triumphant tone. “We’re no longer dependent on the financial markets, I do at the end of the week just to see how many savings has arrived.
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