Top manager of listed companies convicted of price rigging – Business World

A former top manager in a listed company was convicted this week of price manipulation. The punishment was 100 daily fines.

A former top executive at the stock exchange company Oniva Online Group has been convicted of racketeering course, market manipulation, the Securities Market in Stockholm.

Top Officer has, according to a penal order issued April 9 by the prosecutor Olof Kronlund the Serious Fraud Office in Stockholm , systematically, at 42 trading days from June 2013 to March 2014, bought shares in order to maintain the course or prevent a price decline in the sale of shares. In stores such as shares in Oniva Online Group Europe has top boss paid higher prices for smaller items than he previously has sold more records for.

” Trade has been devoted to improperly influence the market price / … / as you realize, “writes prosecutor in the imposition of the penalty.

As sanctions Get top boss 100 day fines of 330 crowns, ie a total of 33 000 SEK.

The former top manager has approved the imposition of the penalty, which means that the matter do not go to trial. A summary punishment has the same effect as a judgment and it is recorded criminal record.

Oniva shares are traded on First North list in Stockholm.