Hreiðar Már Sigurðsson (born 19 November 1970) is an
Iceland
Iceland is a Nordic countries, Nordic island country between the Atlantic Ocean, North Atlantic and Arctic Oceans, on the Mid-Atlantic Ridge between North America and Europe. It is culturally and politically linked with Europe and is the regi ...
ic business manager working in international finance, and from 2003 to 2008, was the CEO of
Kaupthing Bank
Kaupthing Bank (, ) was a major international Icelandic bank, headquartered in Reykjavík, Iceland. It was taken over by the Icelandic government during the 2008–2011 Icelandic financial crisis and the domestic Icelandic-based operations were ...
.
He graduated from the
University of Iceland
The University of Iceland ( ) is a public research university in Reykjavík, Iceland, and the country's oldest and largest institution of higher education. Founded in 1911, it has grown steadily from a small civil servants' school to a modern co ...
in 1994 with a degree in business administration. Later the same year he joined the Asset Management Division of ''Kaupthing'' (later to become
Kaupthing Bank
Kaupthing Bank (, ) was a major international Icelandic bank, headquartered in Reykjavík, Iceland. It was taken over by the Icelandic government during the 2008–2011 Icelandic financial crisis and the domestic Icelandic-based operations were ...
after uniting with ''Búnaðarbanki Íslands'').
Hreiðar Már was appointed Deputy CEO of ''Kaupthing'' in 1998. He served as Managing Director of ''Kaupthing New York'' since it was founded in March 2000 until late 2001. He was appointed CEO of
Kaupthing Bank
Kaupthing Bank (, ) was a major international Icelandic bank, headquartered in Reykjavík, Iceland. It was taken over by the Icelandic government during the 2008–2011 Icelandic financial crisis and the domestic Icelandic-based operations were ...
in the beginning of 2003. Kaupthing was nationalized by the
Icelandic Financial Supervisory Authority in October 2008.
In 2010, ''Time'' magazine named Hreiðar Már as one of their hundred most influential people in the world for his role in the Icelandic crash. Soon after, on 6 May 2010, Hreiðar Már was placed under arrest, by a special prosecutor, on suspicion of falsifying documents, embezzlement, breach of trading laws, and
market manipulation
In economics and finance, market manipulation occurs when someone intentionally alters the supply or demand of a security to influence its price. This can involve spreading misleading information, executing misleading trades, or manipulating ...
. On 8 May 2010, Hreiðar Már was placed in solitary custody for 12 days by a Reykjavik court.
On 12 December 2013, Hreiðar Már was sentenced to five and a half years in prison for his part in a market manipulation case involving Sheikh Mohammed Bin Khalifa Bin Hamad al-Thani's purchase of a 5.1% share in
Kaupthing Bank
Kaupthing Bank (, ) was a major international Icelandic bank, headquartered in Reykjavík, Iceland. It was taken over by the Icelandic government during the 2008–2011 Icelandic financial crisis and the domestic Icelandic-based operations were ...
weeks before the bank collapsed in October 2008. This was, at the time, the heaviest sentence for financial fraud in Iceland's history. The verdict was appealed to the Supreme court which upheld the previous verdict on 12 February 2015.
“Iceland jails former Kaupthing bank bosses”
Vísir News 12 February 2015
References
Sigurdsson, Hreidar Mar
Sigurdsson, Hreidar Mar
21st-century Icelandic businesspeople
Icelandic bankers
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Icelandic prisoners and detainees
Prisoners and detainees of Iceland