report in Swedish
has word on the conviction of a former executive of
Starbreeze for insider trading (thanks
). This follows up on the news of the
unnamed individual from the financially troubled company. The convicted culprit
is reportedly not former Starbreeze CEO Bo Andersson, who was cleared after it
was discovered that his bank pressured him into selling his shares ahead of the
company's restructuring announcement. It is not clear if this conviction will
result in any jail time, but that over $70,000 in ill-gotten gains will have to
be repaid to Sweden. Here's the translation of a report from
At the end of 2018, Swedish game developer Starbreeze
ended up in financial troubles after a series of unsuccessful investments in,
among others, the VR headset Star VR. The company then went into reconstruction,
and in conjunction with this, two of the company's then executives became the
target of an investigation by the Swedish Economic Crime Authority (EKB).
The reason for the investigation was that the managers had sold shares in the
company before the restructuring decision was made. One of the two was the
company's then CEO Bo Andersson Klint, who was released from suspicions in 2018.
It did not go as well for the other high-ranking executive who's now been
convicted, reports Dagens Industri (paywall).
Chief prosecutor Thomas Langrot noted in his original indictment that this kind
of insider crime is extra serious when carried out by a board level executive.
The final punishment is probation and a fine. The amount of the fine is equal to
the profit achieved through the crime, which is stated to be SEK 700,000 (USD 72
678) and is due to the Swedish state.