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Sweden – Cherry’s CEO arrested for insider trading
By Phil - 25 May 2018
Swedish online operator Cherry’s Chief Executive Anders Holmgren has been arrested on suspicion of insider trading.
The Swedish Economic Crime Authority visited Cherry’s head office having carried out an investigation into suspicious share trading by Mr. Holmgren.
He stands accused of gross executive misconduct with regards to purchasing around SEK 12m (€1m) in company shares and issuing a November profit warning before Cherry surpassed its expected financial performance.
A statement from Cherry said: “Cherry AB has been informed that the Stockholm District Court has detained Anders Holmgren on reasonable grounds suspected for severe insider trading. Cherry was on 22 May 2018 informed that the Swedish Economic Crime Authority had initiated an investigation for insider crime by Anders Holmgren. Gunnar Lind, chairman of the Cherry Audit Committee, will be acting CEO of Cherry during the period of the investigation.”
He could face a sentence of up to six years. Mr.Holmgren was appointed Cherry CEO in January 2017. Previously he founded Betsson, along with Henrik Bergquist and Fredrik Sidfalk, which was brought into the Cherry umbrella, where he managed its Malta division.
