Law
Økokrim believes Funcoms former chief Trond Arne Aas should be sentenced to imprisonment for three years and ten months for kursmanipulasjon and insider trading.
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Friday let the prosecution claim in the Hro case. After around 2.5 months in court, they got four of the defendant to hear how Økokrim summarizes the case has its background in information relating to the online computer game “The Secret World”.
Økokrim concludes that all four defendants acted intentionally when they sold the Hro-shares while they must have had inside information relating to the success of the game, be expected to be after the launch in July 2012.
None of the defendants have acknowledged straffskyld, even though they do not deny that they have sold the shares at the times Økokrim has indicted them for. The controversy is about whether the information they four had can be regarded as inside information.
- Funcom is a publicly traded dataspillselskap with headquarters in Oslo, norway, founded in 1993.
- Known for games like “The Secret World”, “Age of Conan”, “Anarchy Online” and “Lego Minifigures”.
- In February 2016, four insiders at the company indicted for illegal insider trading in the securities trading act, after the Økokrim has described as a “pump and dump”operation in connection with the launch of “The Secret World” in 2012.
- Enacted is six years.
- It is set by the nine weeks to the case in Oslo city court.
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For Funcoms former chief Trond Arne Aas believes Økokrim penalty must be set to unconditional imprisonment for three years and ten months and that he must be imposed in the loss of rights. It means that he can’t have positions as ceo, starting your own business or have styreposisjoner in three years. Økokrim let in their procedure emphasis on the fact that Aas should have made himself guilty of market manipulation in the Hro-stock while he was the company’s ceo and sold shares in the company on three separate occasions. Økokrim also laid down the claim that the Aas must be able to withstand the confiscation of 11,3 million.
Unique case
– There are no similar cases in Norwegian case law, noted the district attorney Aud Slettemoen during the procedure. Økokrim to emphasize that markedsmanipulasjonen to have taken place over a period of up to ten months, and that it therefore cannot be considered as a impulshandling.
Trond Arne Aas (47): Managing director of Hro from 2002 to July 2012. Now working as an independent advisor. Indicted for insider trading and market manipulation in the Funcom shares.
Torleif Ahlsand (50): laid off a partner in the investment fund Northzone. Former chairman of the board and deputy chairman of the board of directors in Funcom. Prosecuted for the incentive of insider trading and insider in Funcom shares.
Bjørn Ottar Toften (47): Former chief financial officer in Hro. Now working as an independent consultant. Indicted for insider trading in Funcom shares.
Michael Schjelle Vogt (47): Previously sales and marketing director in Funcom. Is now without work. Indicted for insider in Funcom.
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For the former vice-president of Hro-the board of directors and laid off a partner in the investment fund Northzone, Torleif Ahlsand, believe Økokrim also that an appropriate penalty will be prison for three years and ten months. Økokrim also believe he must be imposed in the loss of rights.
It has a signal effect. Ahlsand is a tillitsperson to those who invest in his fund. Skadepotensialet is significant, said Slettemoen and pointed out that when people who provide investment services act on inside information, they get an advantage towards their competitors.
Also for Ahlsand believe Økokrim that it is properly with the loss of rights for three years. The prosecution believes that the alleged payout of 4.8 million, must be taken away for the benefit of the treasury.
When the attorney general Slettemoen came to the former chief financial officer of the Bear Toftens role, pointed out to her that he had been responsible for laying out the company’s press releases. Økokrim believed an appropriate penalty would be a conditional jail for five months, and the confiscation of 292.000 money.
For Funcoms former sales and marketing director, Morten Schjelle Larssens part la Økokrim claim of prison in four months and confiscation of 278.000 million.
on Monday, continued the trial with forsvarernes procedures.
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