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Dateline Reykjavik: Supreme Court Upholds Iceland's First-Ever Insider Trading Conviction

Bruce Carton | February 17, 2012

I know what you are thinking: 

When??? When will Iceland finally get the first-ever conviction in its nation's history for insider trading? WILL THE DAY EVER COME?

Wait no longer, because today we are all Reykjavikians. Today, Agence France-Presse reports, Iceland's Supreme Court upheld a lower court ruling that found the former permanent secretary at Iceland's finance ministry guilty of insider trading.

The defendant, Baldur Gudlaugsson, served in Iceland's finance ministry during the 2008 crisis that destroyed the country's economy. According to Agence France-Presse, after learning of the state of the Icelandic banks, Gudlaugsson sold shares in the Landsbanki bank worth 192 million kronur ($1.6 million) before it collapsed. Prosecutor Sigridur Fridjonsdottir called the verdict "an important precedent (as it is) the first conviction in this country for insider trading."