LeoVegas manager arrested for insider trading

[The Buzz]

Swedish newspaper Aflonbladet reported on Friday that three people – one of which was a “top manager” at LeoVegas – were arrested on suspicion of insider trading in connection with the operator’s acquisition by MGM. The man was detained on probable cause on suspicion of serious insider crime between February 1 and April 29 this year.

From the article:

The case is basically about a person at the company having information that is not public and that affects the price when it is made public. Then you can take the opportunity to take some positions before the publication and then there are other people who have traded in this share, says Chamber prosecutor Pontus Hamilton about the suspicions.

The takeover bid was announced on May 2. The stock trading that the suspected trio is connected to before the publication is suspected of having generated millions of profits, Hamilton states. The stock rose approximately 40 percent on the day of the takeover bid. If you then buy shares on the Friday before, the rise will also be that big.

The top manager is the only one of those detained with a direct connection to Leovegas. He is defended by lawyer Conny Cedermark.He denies any wrongdoing and hopes that this misunderstanding will soon be cleared up, says Cedermark.

The man's two teammates also deny wrongdoing. It is an ongoing investigation and we will see where it leads. We have no suspicions against anyone else at the company, says District Attorney Hamilton.

Daniel Valiollahi is press manager at LeoVegas.

It has come to our attention that an employee of the company has been served with suspicion of insider trading. It is about an employee and not a person on the board or management team. As a company, we set high standards for ourselves when it comes to regulatory compliance, and since June we have cooperated with the authorities in their investigation, he says.

Read more here: https://www.aftonbladet.se/nyheter/k...t-insiderbrott

[mickyfu]

Shame nobody is ever arrested for blatant theft by Leovegas & Co.

[ocreditor]

What's going on with Leovegas and internal scandals, If I remember correctly a few years back, there was an affiliate manager that cause embezzlement of partners' funds...

[Cash Bonus]

Damn scandalous!

It comes as no surprise. Another article dated June of this year about this wretched company:

hxxps://www.casino.org/news/leovegas-facing-insider-trading-probe-stockholm-office-raided/

[Nicole Goodwin]

I think this happens much more often, unfortunately, just not everyone is arrested

[CasinosBroker]

I think this happens much more often, unfortunately, just not everyone is arrested

I agree with you Nicole.

[simon]

I also heard about that before 4-5 years ago, I remember. But since then only positive toughts from this company.

[Pokerface]

Damn, bad. But agree, happens a lo more than we know ... just not caught ... yet.

[Oliver Cooper]

Stories like this just make LeoVegas even more public. black PR is also PR

[edgarf76]

that is nuts. Greedy.