In Sweden, charges were filed on Friday against six men in what is believed to be the largest insider trading scandal in Swedish history. The Local reports that the six men are alleged to have made profits of approximately 130 million kronor ($16.3 million) through illegal insider trading.
Prosecutor Stig Åström of the Swedish Economic Crime Authority (Ekobrottsmyndigheten – EBM) stated that “This is Sweden’s largest ever insider trading indictment both in terms of the number of people and the amount of money.” Prosecutors charge that the scheme involved over 23 deals, including transactions involving Norwegian Visma, Finnish Metso, Volvo, and Telia Sonera. The trial is likely to start this summer.
According to Åström, the case is unique not only in its size but also because “it’s the first time a case has been tried in which people, as far as we can tell, consciously sought out inside information and used it systematically.”