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FRAUD

Five charged with insider trading

Five people have been brought before Stockholm district court in connection with a major insider dealing affair. Three of them have been charged with serious insider trading.

The accused are said to have bought shares in the technology firm CTT Systems just before the company announced a multi-billion kronor order from Boeing, reported Dagens Industri.

The order, which was estimated to be worth 1.9 billion kronor, was received by CTT Systems in August 2005 and prompted the company’s shares to rise by 203 percent.

But details of the affair leaked out in advance. According to prosecutor Stig Åström at the Swedish National Economic Crimes Bureau a close colleague of CTT Systems’ chairman told his son about the agreement. A few days later the son bought 26,000 shares in CTT and made an overnight profit of almost a million kronor.

Another family member, an acquaintance of the son and one other person are also said to have bought shares and made scoops of between 44,000 and 930,000 kronor.

All of those accused deny the charges.

A number of them have been linked with Malmö-based investment company Volito. Two of those facing prosecution worked at the company, according to a press release.

Volito’s managing director Sven Holmgren was first contacted by the Swedish National Economic Crimes Bureau in February.

“Obviously I reacted with dismay. We had an internal discussion and did what we had to do in agreement with the people concerned. Two people were let go from their jobs. The company is now working as usual,” he said.

FRAUD

‘Discount’ phone scammers steal thousands from elderly woman in Sweden

A 75-year-old woman in the Håbo municipality lost over 120,000 kronor (11,200 euros) on Friday after falling victim to a telephone scam.

'Discount' phone scammers steal thousands from elderly woman in Sweden
File photo: Anders Wiklund/ TT

The woman received a phone around lunchtime on Friday from a man who claimed he was calling from a telecommunications operator.

Following a method similar to others seen in telephone scams which target the elderly, the man is reported to have informed the woman that she had unused discounts and was required to log on to her online banking in order to activate them.

“He must have been persuasive, given that he convinced her to log on to her online bank,” Uppsala Police press spokesperson Linda Wideberg told Radio P4 Uppland, who reported the scam.

The incident is now being investigated as fraud, police said.

Other recent scams in Sweden have seen fake emails and text messages which purport to be from the Skatteverket tax authority. 

“Skatteverket will never ask for your account details via email or text message,” the tax agency said in a statement in June this year.

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