Bloomberg-Businessweek, REYKJAVIK, ICELAND
Icelandic authorities have arrested the former chief executive of collapsed bank Kaupthing -- the first high profile arrest in the wake of the tiny Nordic country's financial collapse.
Hreidar Mar Sigurdsson was detained on Thursday by the special prosecutor tasked with investigating the Icelandic banking crash in October 2008.
The prosecutor's office says Sigurdsson is suspected of falsifying documents and breaking laws on stock trading for personal gain.
The former banker is being held in police custody until a hearing scheduled to take place Friday at the Reykjavik District Court to decide whether he will be granted bail.
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