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Former Merrion director jailed

A former director of Irish stockbroking firm Merrion Capital has been jailed for his part in the Icelandic banking crash.

The former chief executive of Iceland's Landsbanki, Sigurjon Arnason (pictured), was a director of Merrion from 2005 to 2008 after his bank bought an initial 50pc stake in the broker.

Yesterday he was sentenced to 12 months in jail by a Reykjavik court for market manipulation.

Mr Arnason (pictured) stood down as a director of Merrion in October 2008, according to Companies Office records.

Merrion was subsequently bought back by its management in a €30m deal.

Since then the former owners have had no involvement with the Irish stockbrokers.