Daniel Thordarsson, former Kaupthing asset manager and Stefnir Ingi Agnarsson, former Kaupthing stock broker, were this morning sentenced to eight months in prison by the Reykjavik District Court.
The pair was charged with putting in offers to buy Exista shares six times in January and February last year shortly before the close of business, so that the offers would affect the end-of-day value of Exista shares. The charges were of submitting false purchase enquiries and of share price manipulation.
Both men denied both charges; but with the guilty verdict, they were also ordered to pay fines of ISK 1.2 million. The judgements are non-probationary.