Sweden Expands Insider Probe Into Arrested Nordea Banker
(Bloomberg) -- Sweden is widening an investigation into the alleged abuse of insider information by a Nordea Bank Abp employee who worked at its leveraged finance unit.
The Economic Crime Authority is examining new trades conducted by the 44-year-old suspect, prosecutor Pontus Hamilton, said by phone on Thursday. The man, who was arrested last month, is one of two suspects who will remain in custody for a further two weeks, Hamilton said.
The prosecutor said it’s his goal to finish the probe “within a month,” depending on whether new allegations emerge. He wouldn’t rule out that “additional criminal suspicions could be added.”
The long-time Nordea employee, a managing director at the bank’s Stockholm office, was arrested on Feb. 11 on suspicion he’d leaked information obtained through his work to a friend. That person’s family then traded on the information.
But it now seems clear that the suspicious trades go further back in time than previously thought, with some having taken place as early as 2016. That’s on top of trades in 2019 and 2020 already being probed.
The suspect’s appointed lawyer, Sofia Bjorksten, wasn’t immediately available for a comment. She previously told Bloomberg that her client denies the wrongdoing. A Nordea spokesman said the bank wouldn’t comment on individual employees or ongoing investigations.
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