Iceland Indicts Bankers Over Financial Crisis
Public frustration has been mounting over the lack of high-profile criminal prosecutions in the wake of the financial crisis here in the U.S. But the same cannot be said abroad.
Several news outlets reported that Iceland’s special prosecutor, hired in 2009 to investigate suspicious activities at several major banks, indicted fifteen bankers — including two chief executives — earlier this month over illegal activity tied to the meltdown of the country’s banking system in the fall of 2008. The bankers are accused of stock-price manipulation and securities fraud.
“These are quite big cases by any measurement, they’re my biggest cases so far,” Olafur Thor Hauksson, the prosecutor, told the Wall Street Journal last Friday, adding that the charged could face up to six years in prison if convicted.