Eti Alon’s early release denied, will remain in jail

On Tuesday the central district court received the State’s appeal for Eti Alon’s release, deciding to not release the convicted embezzler before her 17 year sentence is finished.

Alon has already spent 12 years behind bars, having been imprisoned in 2003 for the embezzlement of some 300 million NIS from the Trade Bank, where she had served as the deputy chief of investment. In court, Alon had admitted to stealing sums of money for over a five year period and claimed that her motivation was to help her brother, Ofer Maximov, get out of a gambling debt estimated at approximately 100 million NIS, which was owed to organized crime groups.

Alon’s theft caused the Trade Bank to collapse and cost the government half a billion shekels in deposit insurance.


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