In a historic case for Iceland, the country’s justice systems have sentenced 26 bankers to a total of 74 years in prison for their involvement in Iceland’s financial crisis of 2008.
According to Iceland Magazine, one ruling by the Supreme Court and one by the Reykjavík District Court sentenced three top managers of Landbankinn bank and two top managers of Kaupping bank, in addition to an investor, for crimes such as financial fraud and market manipulation, which led to the financial collapse after three major banks ran out of money.
Those convicted generally face two to five years in prison each since six years is the maximum conviction for financial crimes, but hearings are reportedly happening to extend the maximum.
The case is being compared to the U.S.’s failure to convict top bank executives involved in its own financial crisis of 2008.
[via Raw Story]
