Tuesday, 21st May 2024


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Leo Vegas Suspected Insider Deal

MGM, one of the leaders in the U.S. casino industry, made a bid for Swedish gambling company LeoVegas in May this year, which was about $1 billion, or nearly 6 billion kroner.

Because of this bid, Leo Vegas shares rose quickly in the stock exchange market. But it’s not all rainbows and butterflies – some warning signs were immediately visible to the public and authorities. Some stock purchases were made before the announcement.

Even Leo Vegas’ headquarters in Stockholm was raided by eco-crime authorities over the summer, but no one was arrested. In a press release shortly thereafter, the company said it was cooperating with authorities. “None of Leo Vegas’s employees, management or board members have been served on criminal charges.” 슬롯머신사이트

The investigation seemed to be over, but this new landmark proves otherwise. In the raid, three men were arrested on insider trading charges, and one of the arrested men was reportedly in a high-ranking position in the company, and the reason for the arrest was because of insider crime charges.

Responding to the case, the prosecutor, Pontus Hamilton Chamber, said: “This case is basically about one person in the company having undisclosed information and affecting the price when it is disclosed. Then you can have a chance to take some positions before publication, and then there are others who traded this stock.”

Adding that the stock trading that led to these arrests may have generated millions of dollars’ worth of revenue, Hamilton said: “The stock was up about 40% on the day of the takeover bid. If you buy stocks before the next Friday, the gains will be just as big.”

LeoVegas’s chief executive is the only arrested person with direct ties to the company. Conny Cedermark, his lawyer, stated that his client denied all the allegations, claiming it was a major misunderstanding. The other two men also admitted nothing.

Hamilton also said he had no charges against others in the company, but added that the ongoing investigation is likely to result.


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