Amir Bramly has been handed a 10 year prison sentence by Tel Aviv District Court Judge Khaled Kaboub. Last October he was convicted of fraud, having defrauded investors out of NIS 340 million through the Rubicon Business Group and non-bank finance firm Kela Fund, both of which he was the owner, founder and chairman. Bramly was also fined NIS 400,000.
One of his victims, a pensioner who invested NIS 2 million in Rubicon, said after the sentence was handed down. "When you take into account how he ruined peoples' lives, he got off lightly."
In sentencing Judge Kaboub wrote, "He has a powerful personality that knows how to win over the people around him with presentations that were brought to investors, and which he himself wrote, and were false presentations, and he even knew that the investors were interested in sound and safe investments."
Bramley was indicted in 2016 on charges of theft by a company officer, fraudulent receiving in aggravated circumstances, raising money without a prospectus, forgery, and money laundering and found guilty last year. He would raise money on the basis of false presentations, promising investors a tempting combination of high returns and low risk. In fact, he was running a Ponzi scheme, financing returns to existing investors from money from new investors.
Published by Globes, Israel business news - en.globes.co.il - on February 25, 2021
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