Two more arrested for insider trading

A further two men have been arrested on suspicion of insider trading, following two arrests on Monday, according to reports.

The two men are reported to be in their thirties, as were the pair arrested on Monday. Prosecutor Robert Engstedt has so far not revealed the identity of the two men or said where they work.

The suspected insider trading operation is one of the largest ever uncovered in Sweden.

One of the men arrested on Monday works for investment company Cevian Capital, while the other works for Nordea Bank.

Christer Gardell, Managing Partner of Cevian, chose to reveal to the press that one of his employees had been arrested.

“It is incomprehensible that, if the information is correct, he would do something like this. I am bloody cross, as is the whole organization,” he said.

“We have clear rules and routines, but it is hard to protect oneself if someone really wants to commit crimes.”

Nordea’s communications manager Boo Ehlin later confirmed to Affärsvärlden that one of the company’s employees had also been arrested. Police had searched the man’s home and his workplace, Ehlin said.

“We are cooperating fully with police and prosecutors,” he said.

Engstedt, based at the Swedish National Economic Crimes Unit (Ekobrottsmyndigheten – EBM), said he was convinced that the group was about to reel in a major deal. One of those arrested is suspected of earning 50 million kronor ($7.4 million) on insider trading over a short period.