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Lats-Eric Petersson outside the courtroom

Ex-Skandia CEO Sent to Prison

A Stockholm court has sentenced the former CEO of the financial services group Skandia to two years imprisonment.

Lars-Eric Petersson was found guilty of abusing his position to hand out 25 million dollars in unapproved bonuses to himself and other executives.

But the Stockholm District Court found there was not enough evidence to convict Petersson for fraud for adding 5 million dollars to his own pension plan without informing the company board.

Skandia has also sued its former CEO for more than 40 million dollars. That ruling is not expected until the end of the year.

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