Swedish gaming operator Cherry’s chief executive Anders Holmgren has been arrested on suspicion of insider trading.

The operator was informed by the Swedish Economic Crime Authority that an investigation into share trading by Holmgren has been launched.

On Tuesday morning, the authority searched the head offices of Cherry AB, the listed company said.

“Cherry will fully cooperate with the Economic Crime Authority in the investigation. During the period of the investigation, Gunnar Lind, chairman of the Cherry Audit Committee, will be acting CEO of Cherry,” the company said.

Insider trading in Sweden carries a sentence of up to six years.

Holmgren has been Cherry CEO since January 2017. He founded Betsson - along with Henrik Bergquist and Fredrik Sidfalk - which was bought into by Cherry, and he managed its Malta division.

According to his Linked In profile, he was Betsson CEO and executive director between 2000 and 2011.

Sign up to our free newsletters

Get the best updates straight to your inbox:
Please select at least one mailing list.

You can unsubscribe at any time by clicking the link in the footer of our emails. We use Mailchimp as our marketing platform. By subscribing, you acknowledge that your information will be transferred to Mailchimp for processing.