Flemming Østergaard – the former managing director and then chairman of Parken Sport and Entertainment, who oversaw proceedings at the perennial football powerhouse FC Copenhagen for over a decade – has been sentenced to four months in prison for market manipulation.
Jørgen Glistrup, a former director at the company, which as well as FCK also owns the national stadium Parken, received six months. Both of them have appealed against the sentences.
Don Ø, the name the media playfully and perhaps presciently gave to him, was found guilty along with Glistrup of buying shares in PS&E with the primary purpose of keeping rates artificially high – a case of market manipulation with aggravating circumstances.
No money return
The financial crimes police department demanded the defendants return all the money they had earned by redeeming their stock – 15.5 million kroner in the case of Østergaard and 2.2 million kroner in the case of Glistrup.
However, according to the ruling of Copenhagen City Court, Glistrup only has to pay back 20,000 kroner, while Østergaard does not have to pay anything at all.
The extensive case has lasted for several years as Glistrup and Østergaard were initially charged with market manipulation in 2011.
