Four former bosses from the Icelandic bank Kaupthing have been sentenced to between three and five years in prison.
They are the former chief executive, the chairman of the board, one of the majority owners and the chief executive of the Luxembourg branch.
They were accused of hiding the fact that a Qatari investor bought a stake in the firm with money lent - illegally - by the bank itself.
Kaupthing collapsed in 2008 under the weight of huge debts.
For years, Kaupthing and other Icelandic banks had aggressively pursued overseas expansion plans, but when they went into administration, they brought the country's economy to its knees. Full story...
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They are the former chief executive, the chairman of the board, one of the majority owners and the chief executive of the Luxembourg branch.
They were accused of hiding the fact that a Qatari investor bought a stake in the firm with money lent - illegally - by the bank itself.
Kaupthing collapsed in 2008 under the weight of huge debts.
For years, Kaupthing and other Icelandic banks had aggressively pursued overseas expansion plans, but when they went into administration, they brought the country's economy to its knees. Full story...
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- Iceland shows Europe how to survive bankruptcy...
- Angry Irishman lambasts "wanking, fucking bankers..."
- Tony Robinson: Are bankers human at all?
- Wall Street execs should face criminal consequences...
- Wall Street banks: too big to fail, too big to go to jail...
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