Middle East

Israeli court sentences tycoon to 2 years in prison

An Israeli court has sentenced one of the country's most prominent businessmen to two years in prison for securities fraud.

The Tel Aviv District Court on Monday sentenced former IDB Holding Corp. controlling shareholder Nochi Dankner for his role in carrying out millions of dollars' worth of fraudulent transactions in an attempt to influence the share price of the troubled company.

IDB took on millions of dollars in debt following a series of bad business deals. The courts wrested control of IDB away from Dankner as a result.

Dankner, a favorite of Israel's business community, was often credited with helping rescue Israel's economy at the height of a Palestinian uprising. Under his leadership, IDB became Israel's largest holding company and Dankner became a celebrity.