Nochi Dankner, formerly one of the most powerful businessmen in Israel, was found guilty on Monday of stock manipulation and other securities’ offenses.
The sentence was handed down by Judge Khaled Kabub of the Tel Aviv District Court, who found Dankner guilty of trying to push up share prices for IDB Holding Corp, which had been the top company in a business pyramid, as part of a February 2012 IPO. Dankner had denied the charges.
Among other things, Dankner had been accused of illegally manipulating share prices.
The maximal punishment for offenses in this category is five years.
Dankner was also charged with failure to publish financial statements in a timely basis, and publishing misleading information in a prospectus.
Itai Strum, an investment banker, was charged with executing Dankner’s orders and was found guilty Monday as well.