Insider trading probe claims two more Cherry AB directors

Swedish online gambling operator Cherry AB has lost two more directors to an ongoing probe into allegations of illegal insider trading.

Last Friday, Cherry issued a statement confirming the resignations of two members of the company’s board of directors. Both Anna Bergius and Claes Ruthberg submitted their decisions to resign their board seats with immediate effect.

The statement indicated that the members arrived at their decision after receiving word from the Swedish Economic Crime Authority that they were under suspicion of committing crimes connected with the ongoing probe into alleged insider trading by Anders Holmgren, Cherry’s former CEO who was sacked in May, just days after the investigation became public knowledge.

Holmgren stands accused of buying a significant number of his company’s shares ahead of a favorable first-quarter earnings report, the details of which ran contrary to the profit warning the company issued last November due to issues integrating its new ComeOn asset.