One of the Stockholm stock market’s most successful directors, Ola Rollén, was arrested on Wednesday by the Swedish Economic Crime Authority (Ekobrottsmyndigheten) on behalf of the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime (ØKOKRIM). He is accused of insider trading with the Norwegian biometric company Next.
The suspected insider trading took place on 6 and 7 October 2015 when Ola Rollén’s private investment company Greenbridge Partners bought 284,341 shares in the Norwegian biometric company Next Biometrics for 46-49 kronor per share. On 9 October Greenbridge announced that it had bought 3 million newly issued shares at 60 Norwegian kronor per share.
The news that Greenbridge had made a large purchase in Next meant the shares rose by 83%, from 47 to 89 kronor. If Ola Rollén knew with certainty that the new shares would be issued when he bought shares days before then he is guilty of insider trading.
Ola Rollén’s Norwegian lawyer Erik Keiserud said that he did not have insider information when Greenbridge bought the shares.