Icelander embroiled in international financial crime investigation

The Reuters news agency has released a detailed report on the alleged role of Icelander Viggó Þórisson in an international embezzlement case.

Viggó used to be head of the bonds service department at the savings banks’ united head office in Reykjavík. The whole scam was headed by David Spargo from the USA, who is now being searched for by police in Arizona, Texas and Virginia – and is also under investigation in other countries, including the UK and Italy.

Viggó’s role in the crime is reportedly connected to a bond issue by Napis – a company owned by Spargo. The issue was for USD 700 million and Viggó is alleged to have falsified documents which showed that the Sparisjóðurinn savings banks in Iceland were guarantors of the bonds.

Viggó is accused of having tried to appropriate funds from the Royal Bank of Scotland using falsified documents. Reuters reports that British police interrogated a colleague of Viggó over the matter at the request of Icelandic police.

Iceland’s investigation into the case began in 2007 and Viggó has been prohibited from leaving the country since then. The case is due in front of the Reykjavík District Court soon.

It has been revealed that Viggó and Spargo are old friends from when the Icelander went to university in Arizona some 20 years ago.