WE. ORE
LwO_ y S
BOY! IN
Ex-Bank Officials
Sent To Prison
In a surprise decision,
Jerusalem District Court Judge
Miriam Naor imposed prison
sentences on three former se-
nior banking officials convict-
ed in the bank shares
manipulation case.
Even though State Prosecu-
tor Moshe Lador had asked for
prison sentences to be com-
muted to community service,
Judge Naor imposed prison
terms of eight months each on
IDB Bankholding chairman
Raphael Recanati and
Mordechai Einhorn, former
chief operations officer of Bank
Leumi. Eliahu Cohen, ex-Bank
Discount deputy chairman, re-
ceived a six-month prison sen-
tence.
Only Giora Gazit, former
managing director of Bank
Hapoalim, received a three-
month prison sentence com-
muted to community service.
Aharon Meir, former man-
aging director of Bank Mizrahi,
and Udi Recanati, who headed
Bank Discount's stock market
operations at the time, were not
given prison sentences.
Judge Naor imposed fines of
NIS 600,000 each on Raphael
Recanati, Mr. Einhorn and Mr.
Meir. Mr. Gazit and Mr. Cohen
each received a NIS 500,000
fine, while Udi Recanati was
fined MS 400,000.
Haim Buksbaum, the former
head of Leurni's financial divi-
sion, and Dan Bavli, who au-
dited Leumi's books, were each
fined NIS 109,000. Mr.
Mizrahi's accountant, Dov
Naveh, was fined MS 90,000.
Banks Hapoalim, Leumi,
Discount, Mizrahi and IDB
Bankholding were each fined
NIS 1 million. Bank Discount
has already set aside NIS 1 mil-
lion to pay the fine, according
to last year's balance sheet.
Judge Naor noted in her 26-
page decision that despite all of
the mitigating circumstances
that might have justified
lighter sentences, the scope of
the fraud and the economic
damage it brought upon the
banks, their shareholders and
the state are so large that even
after 10 years, it is impossible
to let the affair go by.
Judge Naor emphasized that
actual prison sentences were
necessary in the name of pub-
lic deterrence. Although it is
unlikely that the specific ac-
tions of those convicted would
be repeated in the future, acts
of a similar nature are likely to
be repeated as countless in-
dictments of securities fraud
and misleading customers
handed out by the courts since
the bank shares manipulation
case amply demonstrate. ❑
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