Bank embezzler Eti Alon's early release denied, will remain in jail

Former deputy chief of Trade Bank who stole 300 million NIS will be eligible for early release in 2019.

February 3, 2015 14:18
Eti Alon

Eti Alon. (photo credit: RAANAN COHEN/MAARIV)

The Central District Court on Tuesday received the State Attorney Office's appeal against Eti Alon's early release, deciding to not release the convicted embezzler before her 17 year sentence is finished.

Alon has already spent 12 years behind bars, having been imprisoned in 2003 for the embezzlement of some NIS 300 million  from the Trade Bank, where she had served as the deputy chief of investment. In court, Alon had admitted to stealing sums of money for over a five year period and claimed that her motivation was to help her brother, Ofer Maximov, get out of a gambling debt estimated at approximately NIS 100 million , which was owed to organized crime groups.

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Alon's theft caused the Trade Bank to collapse and cost the government half a billion shekels in deposit insurance.

However new legislation was introduced in light of this case which prevented employees from having too much access to funds.

In December a Prison Service parole committee initially decided to shorten Alon's sentence but finalization was postponed until it was finally rejected.

Alon will only be eligible again for an early release in 2019.

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