Ca Online Casino Ceo Fired

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Ca Online Casino Ceo Fired Employees

Online casino software firm Cherry AB fires CEO following insider trading investigation.

Being in a position of imminent power, with access to privileged information, can be extremely tempting. Throughout history, such individuals have occasionally found themselves on the wrong side of the law for misusing that power. According to the Swedish Economic Crime Authority (SECA), Anders Holmgren may be among them.

Holmgren is—or rather, was—the CEO of Cherry AB, from February 2017, right up until Friday, May 25, 2018. That was the day the Board of Directors deemed it necessary to terminate Holmgren’s employment, effective immediately. The cause—allegations of insider trading.

Online Casino Software Firm Fires CEO Following Investigation

The head office of the Swedish gaming company was the setting of an SECA raid on Monday, May 22. According to a press release from the company, immediately following the incident, the headquarters underwent a thorough search by authorities that morning. During these events, Anders Holmgren was arrested.

With the seat suddenly empty, Cherry appointed Gunnar Lind, Chairman of the Cherry Audit Committee, as acting CEO. Then on Tuesday, prosecutors with the SECA requested Holmgren be detained. According the Cherry, that request was granted by the Stockholm District Court on Wednesday, having found “reasonable grounds suspected for severe insider trading”.

This left the Board with a tough decisions to make. Would they stand by their 15-month captain, or sever ties with Holmgren and begin seeking a permanent replacement for the company’s lead position? It only took two days for the Board to settle the matter.

“Anders Holmgren has made valuable contributions as CEO of Cherry,” said Board Chairmen Morten Klein, in a statement on Friday. “But he is unable to perform his duties while facing accusations of severe insider trading.

“The board of directors has today decided to terminate his employment as CEO. In connection therewith, Anders Holmgren will also leave his assignments as board member in Cherry’s subsidiaries,” he continues.

“As previously announced, Gunnar Lind is acting CEO and will remain in this position to ascertain that the group develops according to plan until a permanent CEO is appointed.”

No Further Details Available

As yet, no further details are available. Neither the SECA or Cherry AB is able to comment on the ongoing investigation.

There are speculations, however, that the allegations could relate to the purchase of SEK12 million worth of company shares in March 2018. That purchase may have set off a few alarms, having come so soon after the issuance of a profit warning in November 2017. Warning aside, Cherry AB announced in April that its performance will beat revenue expectations.

At this point, Anders Holmgren has only been detained. Should charges be officially filed against him, and should he be found guilty of insider trading, the former CEO could face anywhere from 6 months, to 6 years, in prison.

Holmgren Joins David Baazov in Hot Seat

A similar situation has been brewing for former Amaya Gaming (now The Stars Group) CEO, David Baazov. The Canadian online casino software giant saw its leader voluntary step down in 2016 following allegations of insider trading revolving around the mid-2014 acquisition of PokerStars parent company, Rational Group.