All nine of the top Icelandic bankers from the Kaupþing market manipulation case have been found guilty by the country's Supreme Court, which reversed the district court that had acquitted two of the defendants last year.



By fully financing share purchases with no other surety than the shares themselves, the bankers were accused of giving a false and misleading impression of demand for Kaupþingi shares by means of deception and pretence.

The Supreme Court has now overturned the acquittals, finding Björk Þórarinsdóttir (credit representative at Kaupþing) and Magnús Guðmundsson (former CEO of Kaupthing Luxembourg) also guilty alongside the other seven.

No punishment has been handed out to Þórarinsdóttir and Guðmundsson, however.

In addition, Hreiðar Már Sigurðsson, former Director of the bank, who had initially received no further penalty, having previously been sentenced in the 'Al-Thani affair', has now been given a sixth-month extension to his prison sentence.