|Former Finance Ministry Undersecretary Found Guilty|
|Written by Iceland Review|
|Friday, 08 April 2011 16:00|
Baldur Gudlaugsson, former undersecretary of the Ministry of Finance, was found guilty at Reykjavík District Court yesterday of having used insider information to sell his stock in Landsbanki on September 17 and 18, 2008, a few days before the bank collapsed.
Photo by Páll Stefánsson.
The verdict says that Gudlaugsson abused his position as a public official, which doubles the length of the prison sentence—he was sentenced to two years in prison and it's an unconditional sentence, visir.is reports.
Gudlaugsson faced six charges and was acquitted of one of these charges and partially acquitted of the second charge.
The District Court has confiscated Gudlaugsson’s profits from the sale of his shares—ISK 192 million (USD 1.7 million, EUR 1.2 million)—which is in his account in Arion Bank. Gudlaugsson is also to pay ISK 4.5 million (USD 40,000, EUR 28,000) in legal costs.
|Last Updated on Monday, 28 November 2011 07:55|