Ofer execs indicted on suspicion of securities fraud

CEO and financial officers for 3 Ofer companies allegedly fraudulently attempted to raise the price of bonds.

November 13, 2011 23:54
1 minute read.
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The Tel Aviv District Attorney’s Office announced Sunday it has filed an indictment against several Ofer Brothers Group executives over an alleged attempt to fraudulently raise the price of real-estate subsidiary Melisron’s bonds in 2009.

The executives named in the indictment are Avi Levy, Golan Madar and Eli Haelyon. Melisron, which is a publicly traded company controlled by the Ofer Brothers Group, and private subsidiaries Ofer Investments and Ofer Development and Investments were all named in the indictment.

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According to the indictment, Levi and Madar, as the CEO and financial officers for the three companies, fraudulently attempted to raise the price of the bonds over a four-day period in November 2009.

Levi and Madar allegedly did so by instructing Haelyon, who worked as a trader at Poalim Sahar, to take actions that would raise the price of the bonds or at least prevent them from falling. They allegedly gave Haelyon use of NIS 30 million from the Ofer Brothers Group account in order to carry out the operation.

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