BREAKING NEWS

No parole for embezzler who caused Trade Bank collapse

By JPOST.COM STAFF

MAY 6, 2013 11:38

Israel Prison Service's parole committee on Monday rejected an early release request by Eti Alon, who is serving a 17-year jail sentence for stealing more than a quarter of a million shekels from the bank in which she worked, causing its collapse.

Alon was sentenced in 2003 for her role in the embezzlement of some 300 million shekels from the Trade Bank, where she had been the deputy chief of investment. She confessed in 2002 to stealing the money over a five-year period, in order to help her brother, Ofer Maximov, pay off his gambling debts. Maximov received a jail sentence of 15 years.

The parole committee, headed by Justice Shlomo Shoham, denied her request on the grounds that her actions had caused irreparable damage to the bank, its employees and its investors, as well as the general public, Army Radio reported. The panel also said that her offenses were exacerbated by the fact that most of the money she stole had ended up in the hands of organized crime, the radio said.

Alon can reapply for parole in six months.

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