Former bank CEOs charged with stock manipulation

A network of bankers conspired to profit from inflated stock prices and used their wives as cover

Oct 2, 2013

A network of high-ranking bankers have been charged with stock manipulation, fraud and a criminal breach of trust by the state prosecutor for special economic and international crimes (SØIK)

The bank officials, which include former CEOs and board chairman, artificially raised the value of stocks that they sold for enormous profits in 2008, reports DR Nyheder.

DR Nyheder reports that among those charged for the crimes are the former CEOs of EBH Bank, Morsø Sparekasse and Sparekassen Kronjylland – Finn Strier Poulsen, Jørn Balch Christensen and Jacob Leth respectively – along with EBH Bank’s former chairman of the board Egon Korsbæk.

Used wives to buy stock
According to SØIK the accused bought stocks through their wives and in turn made their banks buy and sell the stocks for ever-increasing prices.

This made stocks price rise and allowed the wives to sell them off for huge profits to specially-established funds set up with the sole purpose to trash the stocks whose prices had become massively inflated.

DR Nyheder reports that the banking officials can each face up to eight years in prison.

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Former bank CEOs charged with stock manipulation

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