Banks charged with market manipulation

Vestjysk Bank og Sparekassen Himmerland have been charged for artificially keeping their stock prices high

Charges were filed this week against financial institutions Vestjysk Bank og Sparekassen Himmerland for gross market manipulation. It is the second such case involving Sparekassen Himmerland this year.

The national prosecutor for serious economic and international crime, SØIK, claims that the two banks co-ordinated efforts to keep the value of Sparekassen Himmerland shares artificially high.

Between September 22 and 30 September 2008 Vestjysk Bank placed orders to buy 2,080 shares in Sparekassen Himmerland for the price of 570 kroner each, totalling around 1.1 million kroner.

According to SØIK the purchase was made after a deal was struck between the two banks to maintain the value of Sparekassen Himmerland stocks.

This spring former Sparekassen Himmerland managing director Svend Jørgensen, along with two former employees were sentenced for having co-ordinated with EBH-Bank to keep shares in the two banks artificially high. Jørgensen received a five month prison sentence, plus a five million kroner fine, which he appealed to the Eastern High Court. His trial in that case is due to begin in a few weeks. 

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