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Monday, January 6, 2014

Nochi Dankner likely to be indicted for securities fraud

Tel Aviv prosecutors said Monday they will file an indictment against Nochi Dankner for manipulating stock prices, a day after he lost control of Israel’s largest conglomerate, the IDB group.

Dankner and Itay Strum, the owner of Swiss-Israeli brokerage ISP Financial Services, will be indicted following a court hearing, prosecutors said. Strum is suspected of taking part in the price manipulation.

Another suspect in the crime that allegedly took place in February 2012, stockbroker Adi Sheleg, was not mentioned by the prosecutors. Sheleg has apparently agreed to serve as a state’s witness.

Dankner will face charges including securities fraud, misleading investors in a prospectus and a breach of financial reporting obligations. Strum and IDB Holding Corporation will face the same charges as Dankner, though Strum will also face perjury committed during an investigation.

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