The Tel Aviv District Court sentenced on Sunday Eli Reifman, the co-founder of Emblaze (LSE:BLZ.L), to six years imprisonment for fraud, forgery and using forged documents.
Reifman was also ordered to pay compensation of $6.3 million to the complainants.
According to the indictment, Reifman fraudulently received over NIS 25 million from three different complainants.
"The defendant committed acts of deception by using the reputation as an able businessman," said Judge David Rozen.
The former head of production at the IDF's Training Development Center, Reifman was once lauded as a dotcom visionary. He co-founded Emblaze, formerly GEO Interactive Media, in 1994. The company was floated on the London Stock Exchange in 1998.