Banker Who Embezzled 50 Million GBP Released Early

This former banker who was responsible for embezzling over 50 million GBP of bank customers’ to pay off gambling debts has been granted early release from an Israeli prison.

Ofer Maximov, 54, has been granted parole after serving 17 years of his 18-year sentence for embezzling 250 million NIS (55.8 million GBP) with his sister Etti Alon from Trade Bank, which is now defunct.

Israel’s Prison Services granted Maximov’s early release as they claim he has shown he does not pose a threat to the public.

Credit: CEN
Ofer Maximov

His sister was granted early release in 2016, having served 14 years of her 17-year sentence. She had previously confessed to having embezzled the money from the customers of Trade Bank to help her sibling with paying off his 100-million NIS (22.3-million-GBP) gambling debt.

She worked at Trade Bank as a senior investment trader and the subsequent collapse of the institution is said to have cost the Israeli state 500 million NIS (111.6 million GBP) in deposit insurance.

Maximov is said to have owed the money to several gangs involved in organised crime. He was found to have been “the main initiator” of the embezzlement by prosecutors who said his sister was working under his directions. Maximov has appealed foe early release several times whilst serving his sentence.

Credit: CEN
Eti Alon leaves Neveh Tirza Prison in Ramle 2016

His last appeal came in 2018 when prosecutors argued that he should not be released because his behaviour during the crime featured “deceit, exploitation of those closest to him, robbery and greed”.

Prosecutors have seven days to launch an appeal against the early release, and if no appeal is filed he will be released on 14th November.

To find out more about the author, editor or agency that supplied this story – please click below.
Story By: Alex CopeSub-Editor: Joseph Golder, Agency: Central European News

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