The directors of the La Nacional insurance company were convicted on Thursday of several counts of fraud stretching over a period of nine years.
Judge Gidon Ginat convicted the company of selling fake insurance policies to kibbutzim and presenting deceptive reports of the corporation.
The company thereby embezzled hundreds of millions of dollars from foreign secondary insurance companies and stock market investors.
La Nacional intends to appeal against the conviction to the Supreme Court.
Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>