Israeli Businessman Nochi Dankner Starts Serving Sentence for Market Manipulation
In 2016, Dankner was convicted of conspiring to artificially raise the stock value of IDB, then Israel’s largest holding group, ahead of a public offering
On Tuesday, Israeli businessman Nochi Dankner has begun to serve his three-year sentence at Israel’s Maasiyahu Prison, located in the country’s central district. In December 2016, Dankner was convicted of performing market manipulation in the securities of IDB Holding Corporation in 2012. In August, Israel's Supreme Court rejected Dankner’s appeal.
Dankner and co-defendant Itay Strum, an investment banker, were convicted of conspiring to artificially raise the stock value of IDB, then Israel’s largest holding group, ahead of a NIS 321 million public offering meant to cover loans taken out by the company. Dankner was also convicted of providing false information in the company’s prospectus in order to mislead investors.