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Tags: ML | Israel | Tycoon Sentenced

Israel's Supreme Court Sentences Tycoon to 3 Years in Prison

Wednesday, 29 August 2018 04:39 AM EDT

JERUSALEM (AP) — Israel's Supreme Court has sentenced one of the country's most prominent businessmen to three years in prison for securities fraud.

The court ruled Wednesday that former IDB Holding Corp. controlling shareholder Nochi Dankner will begin serving his prison term on Oct. 2 for his role in carrying out millions of dollars' worth of fraudulent transactions in an attempt to influence the share price of the troubled company.

IDB took on millions of dollars in debt following a series of bad business deals. The courts wrested control of IDB from Dankner as a result.

Dankner, a favorite of Israel's business community, was often credited with helping rescue Israel's economy at the height of a Palestinian uprising. Under his leadership, IDB became Israel's largest holding company and Dankner became a celebrity.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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Israel's Supreme Court has sentenced one of the country's most prominent businessmen to three years in prison for securities fraud.The court ruled Wednesday that former IDB Holding Corp. controlling shareholder Nochi Dankner will begin serving his prison term on Oct. 2 for...
ML,Israel,Tycoon Sentenced
131
2018-39-29
Wednesday, 29 August 2018 04:39 AM
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