Boaz Yona, the former CEO of the Heftsiba construction company, was found guilty Monday of a slew of fraud charges, pertaining to the company's collapse inthe summer of 2007.
Yona pled guilty to conspiracy to commit a crime, fraud, grand larceny, forgery, executive theft, falsifying corporate records, using falsified documents, illicit use of corporate funds and fraudulently receiving benefits.
The State Prosecutor's Office and the defense entered the guilty plea in accordance to a deal devised by the sides. Yona is to serve a seven-year prison sentence and pay NIS 4 million (approx. $1.15 million) in restitution to Heftsiba clients who lost their money when the company filed for bankruptcy.
Yona, who was booed by dozens of Heftsiba's casualties as he entered the courtroom, offered his apologies to the small crowd, saying "I made a mistake. They deserve an apology."
"You don't deserve our forgiveness," someone yelled back at him. "You got off a plane and got a deal. You'll be in prison for what? Three years? We'll be paying for the rest of our lives."
The Jerusalem District Court will now have to decide whether or not the plea deal is acceptable.