Knut Anders Opstad

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Knut Anders Opstad is a Norwegian broker and salesperson that worked for Terra Securities from 1997 to 2007.

From 2001 to 2007 he allegedly mislead, along with Harald Norberg, eight municipalities to make very high risk investments in products through Terra Securities. In November 2007 this lead to the Terra Securities scandal and the following bankruptcy of the company after losing its concession because of misleading investment advice from Norberg and Opstad^[1]^[2]. The case has been heavily argued through the media, having these brokers fingered as the scapegoats. The municipalities tried to hold the brokers responsible for the lost investments and forwared a motion to freeze the two brokers' personal assets. Opstads assets were temporarily frozen awaiting a hearing, but when the hearing was held the court found no foundation for the municipalities' claim and ruled in favor of the brokers. The municipalities had to cover the broker’s expenses in defending the misplaced motion.