Title: Senior Partner at Pareto Securities, Petter Dragesund, Steps Down Amidst Fraud and Market Manipulation Investigation

Petter Dragesund Resigns as Senior Partner at Pareto Securities

OSLO, NORWAY - Petter Dragesund, the Senior Partner and Head of Corporate Finance at Pareto Securities, has resigned from his position due to an ongoing investigation by the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime (Okokrim) into alleged securities fraud and market manipulation involving Crew Gold shares in 2010.

Okokrim’s Investigation: collusive arrangements to influence the market price of Crew Gold shares

According to a report in Dagens Næringsliv, two employees from Pareto Securities and other unnamed brokers in Norway are under investigation. Dragesund is one of the individuals being probed for his involvement in setting the share price. He has denied the allegations but intends to appeal the charges and has temporarily left his post at Pareto Securities during the investigation.

Okokrim Suspects the suspects entered into collusive arrangements to influence the market price of Crew Gold shares, which could potentially impact the outcome of other investors’ decisions.

Other brokers under investigation

The other two brokers under investigation are also being scrutinized for their actions surrounding the Crew Gold transaction in 2010.

Implications for Dragesund and Pareto Securities

Pareto Securities declined to comment on the situation beyond confirming that Dragesund no longer works for the company. The outcome of this investigation remains uncertain, and the implications for both Dragesund and Pareto Securities will depend on the findings of the Norwegian authorities.

High-profile securities fraud cases in Norway

This investigation marks the latest in a series of high-profile securities fraud cases, as Norwegian authorities continue to clamp down on manipulative practices in the securities market.

Okokrim’s ongoing investigation

The investigation is currently ongoing, and more updates on the situation are expected to be released as the investigation progresses.