An Israeli investmen advisor was sentenced to 12 years in prison after being pronounced guilty of stealing more than NIS50 million from his clients. The convicted broker, Eran Mizrahi, is a warning to all future investment thieves, said the Israeli judge who presided over the case.
The Tel Aviv Magistrate Court made the announcement of conviction to Mizrahi today. Mizrahi, who hails from the city of Savyon in the middle of Israel, plead guilty of fraud. The amount of money involved total to roughly NIS57 million, or US$16 million. Clients gave Mizrahi the ability to control the funds for investment on their behalf. However, the broker has been proven to be using the funds for personal use.
The presiding judge was Zvi Gurfinkel. In his ruling, the judge said that "public interest demanded severe punishment" to deter future thieves in the industry. The sentence lasts for 12 years, a clear message to investors that hasty investments are often unsafe and impractical.
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