Former Psagot CEO Roy Vermus to be charged with fraud

Vermus's lawyer: There is no basis to these suspicions.

The Taxation and Economics State Prosecutor's Office today informed the attorney acting for former CEO Roy Vermus Psagot Investment House Ltd. that he is to be charged with violations related to securities fraud and fraudulent receipt in aggravated circumstances, subject to a hearing. The offenses relate to Psagot's nostro securities account.

The Prosecutors Office also plans charging, subject to a hearing, Shay Yaron, David Edry, Shay Ben-David, Aharon Navon and Saar Weintraub.

Vermus's lawyer said, "There is no basis to these suspicions."

The State Prosecutor said that the hearing will be conducted before the end of March 2011.

The allegations reportedly relate to state tenders between September 2007 and November 2009.

Published by Globes, Israel business news - - on January 16, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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