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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA: Icelander Banker CEO Jailed: "I did nothing wrong!" Manipulations and Deception

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Wall Street Stunned As Iceland Dares To Jail Banker Involved In 2008 Crash

 
Tyler Durden's picture




 
 

The impossible is possible. Never say never. Wall Street bankers are staring agog at headlines coming from Europe where, in Iceland, the former chief executive of one of the largest banks in the country which was involved in crashing the economy in 2008 has been sentenced to jail timeAs Valuewalk reports, in receiving a one year prison sentence, Sigurjon Arnason officially became the first bank executive to be convicted of manipulating the bank’s stock price and deceiving investors, creditors and the authorities between Sept. 29 and Oct. 3, 2008, as the bank’s fortunes unwound, crashing the economy with it. It appears he was as shocked by the verdict as Wall Street-ers are, "this sentence is a big surprise to me as I did nothing wrong." It was likely all for the people's own good...

 

 

Via ValueWalk,

 
 

Some thought it would never happen. But in Iceland, the former chief executive of one of the largest banks in the country which was involved in crashing the economy in 2008 has been sentenced to jail time.

 

Iceland banker the first to manipulate bank’s stock price

 

In receiving a one year prison sentence, Sigurjon Arnason officially became the first bank executive to be convicted of manipulating the bank’s stock price and deceiving investors, creditors and the authorities between Sept. 29 and Oct. 3, 2008, as the bank’s fortunes unwound, crashing the economy with it.  Landsbanki was one of three banks that had tallied nearly $75 billion in debt before the final curtain was drawn.

 

What, me guilty? was the bank executive’s response upon learning of his fate. “This sentence is a big surprise to me as I did not nothing wrong,” Arnason was quoted as saying in a Reuters article after he learned of his punishment.  Amason had not decided if he was going to appeal the decision to the supreme court, as the appeal process might take longer than his sentence.

 

Other Iceland bank executives also convicted

 

The Reykjavik District Court had lopped off nine months of Arnason’s sentence, saying they were suspended.  Other bank executives involved in the situation were convicted: Ivar Gudjonsson, the former director of proprietary trading at the bank, along with Julius Heidarsson, a former broker at the bank. They each received nine-month sentences and six of those nine months were immediately suspended by the court.

 

All pleaded innocent to the charges, as the the fallout from the 2008 crisis continues to this day in the north Atlantic island and around the world.  As a sign of thawing in the crisis, Reuters reported that earlier in the week Landsbanki, the successor to the failed Landsbankinn, agreed to extend a deadline to restructure bonds to the end of the year. If a bond restructuring agreement is reached, it could help the government lift capital controls which were imposed due to the crisis.

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  • organza
    organza Friday, 21 November 2014

    Finally the proof that what goes around comes around. As far as I am concerned he should be grateful he will have a free roof over his head while in the clink which is not a luxury any victim of bank crime who had their home stolen has!

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  • Wayne
    Wayne Sunday, 23 November 2014

    well.. he's going to do well in jail...NOT he's got the criminal experience behind him but I'm not sure if he can strike up a deal with his NEW criminal mates... hope he rots there..

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