Fingerprint Cards’ former CEO charged for insider trading

September 21, 2015 - 

The Swedish Economic Crime Authority said that Fingerprint Cards‘ former CEO and two former board members have been charged for insider trading.

The move comes four months after former FPC CEO Johan Carlstrom was replaced after suspicions of insider trading surfaced last year.

At the time of the announcement, FPC said that Carlstrom was stepping down from the position in order to focus on business development within the company.

In a statement on its website, the ECA said that the trade was worth approximately 70 million crowns (USD$8.6 million) and generated a profit of just over 10 million crowns (USD$1.2 million).

“Trade occurred with shares and so-called ‘turbo warrants’, derivative instruments with a high risk, but with the potential for great returns,” writes the ECB.

The ECB said that a fourth person who is related to one of the former FPC board members, had also been indicted.

The indictment includes 16 charges of stock trading-related offenses that occurred between December 2012 and March 2014.

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About Justin Lee

Justin Lee has been a contributor with Biometric Update since 2014. Previously, he was a staff writer for web hosting magazine and website, theWHIR. For more than a decade, Justin has written for various publications on issues relating to technology, arts and culture, and entertainment. Follow him on Twitter @BiometricJustin.