Former Israeli business tycoon has been sentenced two years of prison after being found guilty of manipulating share prices.
Nochi Dankner runs several companies including cellphone operator, airline, supermarket chain and newspapers.
According to a Tel Aviv district court judge, things turned sour in early 2012 for Dankner’s business empire and he propped up the shares price in his conglomerate IDB to help a stock offering.
Dankner’s businesses were hit with hard times when the market crashed and some of his investments including the Las Vegas real estate deal failed.
He and another businessman Itay Strum created false impression in the market that there was strong interest in IDB stock, but in reality the institutions and banks were not keen on investing.
Strum too was found guilty by the court. He has been sentenced one-year prison and fined a 500,000 shekel.
The fine for Dankner is 800,000 shekels.
Meanwhile, the two businessmen have denied of any wrong doing in the business and said would be appealing against the sentences to higher court.
$1 is equal to 3.8264 shekels.