The state is not satisfied with the two-year prison sentence meted out to Nochi Dankner for his conviction on charges of share pegging, and is asking the Supreme Court for a heavier penalty.
The Tel Aviv District Attorney's Office filed an appeal today in the Supreme Court against the lightness of the sentences handed down to former IDB chairman and controlling shareholder Dankner and his partner in crime Itay Strum. Dankner and Strum were convicted of manipulating the share price of IDB Holding, on charges of securities fraud, false reporting and money laundering. Judge Khaled Kabub sentenced Dankner in the Tel Aviv District Court to two years imprisonment and Strum to one year.
In the appeal, the state asks the Supreme Court to find that the ranges of prison sentence applicable to the acts committed by Dankner and Strum are 36-60 months and 30-54 months respectively, and to lengthen the prison terms substantially.
According to the District Attorney's Office, the sentences handed down by Judge Kabub on Dankner and Strum not only do not match the trend of heavier sentencing recently dictated by the Supreme Court, but the sentences actually roll back the punishment threshold for crimes of securities fraud far below the appropriate threshold set by the legislator, and this in a severe case.
"Setting a threshold like this for serious securities crimes committed by the strongest figure in the Israeli economy led to inappropriate sentences in this case and will inevitably lead to the creation of an overly lenient punishment norm in future cases," the appeal states.
Published by Globes [online], Israel business news - www.globes-online.com - on January 19, 2017
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