The Supreme Court on Thursday rejected the appeal of Yisrael Perry, who was convicted last year of defrauding Holocaust survivors of almost NIS 1 billion and sentenced to 12 years in prison.
However, the court reduced Perry's sentence to 10 years.
In February 2008 Perry was found guilty of stealing 320 million German marks (around NIS 900m.) from tens of thousands of clients of the Organization for the Realization of the Social Security Treaty, a company established and controlled exclusively by Perry. Its declared mission was to assist Israelis in receiving compensation from Germany in the form of social security pensions.
After six years in courts, Perry was convicted of theft, fraud, obstruction of justice and withholding vital information from his clients in order to deprive them of their money.