BREAKING NEWS

Emblaze's Eli Reifman is convicted of stock fraud

By CHEN MA'ANIT / GLOBES

JULY 17, 2011 11:52

The Tel Aviv District Court on Sunday convicted Emblaze Ltd. founder and former chairman Eli Reifman of aggravated fraud, forgery, and use of forged documents. Judge David Rosen said that in two separate cases, Reifman fraudulently received $6.3 million in loans from two foreign investment companies on the basis of forged documents, which claimed that he owned Emblaze shares for collateral.

"It was proven to me that Reifman received millions of dollars from Winton Capital Holdings Ltd and Double U on the basis of false representation that he owned nine million Emblaze shares," said Judge Rosen.

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