Wrong Doing: Bank Mizrahi - Tefahot
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Former Bank Leumi central branch CEO Miki Friedman was convicted of stealing NIS 30 million on behalf of himself and others.
In her verdict, Judge Yehudit Amsterdam ruled that Friedman had approved the granting of solo credit to fictitious borrowers on the basis of fictitious financial wealth statements many times, with no real collateral and in contravention of the bank's procedures. Fictitious borrowers obtained a NIS 1.5-4 million loan within 15 minutes. "The loans were a small proportion of the loans granted by Bank Leumi's central branch, and the accused even managed to conceal them among the loans in the commercial section, so that their failure would not be noticed, until the auditor's attention was drawn to a loan granted to Stern (one of the borrowers, C.M.), and the entire facade collapsed," the judge wrote.
Menachem (Miki) Friedman, the managing director and CEO of Bank Leumi (UK) plc, a wholly-owned subsidiary of Bank Leumi (TASE:LUMI) has been arrested on suspicion of embezzling NIS 25 million. 13 other persons have also been arrested. In a notice to the Tel Aviv Stock Exchange (TASE) today, Bank Leumi said, "Irregularities were discovered in the approval of loans" approved by Friedman.
Bank Leumi said that the irregularities were discovered by a regular internal audit. It added, "The audit indicates that this is an isolated incident that has no repercussions on the bank's customers. To the best of the bank's knowledge, the incident will cause no material losses to the bank."
The verdict of the Tel Aviv District Court Judge Judith Amsterdam, the trial of Menachem (Miki) Friedman, former pillars of the National Bank, provides a response to these questions. Decision and other materials are published here for the first time shed light on one of the amazing exposed corruption in the country - as well as the peculiar behavior of the leadership of the Bank, led by Galia Maor, she closed her eyes for a long time.
The brain. Meyer employees, 300 thousand shekels envelope
The Wicker Man. Kornblit, an Apostle gray market
One of the stories certainly nailed the hair of Justice took place in the summer of 2007, when Meir Ovadia asked aid of his son Rafi, who (with Eyal Kornblit) owner of a "cost plus" discount checks. According to employees, the son sank heavily in debt, was subjected to threats of the gray market and in urgent need of cash. A large loan from the bank.
Laniado customer manager. "Friedman was one level before God"
The judge did not buy Amsterdam Friedman's attempt to present himself as a banker naive, criminals led him astray. She tried to extract from him a clear statement regarding the assets of models: "He talked to you about specific businesses? What is he wants money for business in Romania? 'I Want a fly to China. What is this? How banks handing out loans? "
Former CEO Maor. Received a personal letter - and strong eyes closed
Ofer models, within the framework of a plea bargain, was sentenced to nine months in prison, was not the only soldier task force of employees. Same "unit", which carried out the thefts in 2007 to 2006, also served offender is released, Abraham Goldberg, who works asked him a small favor: go to Friedman, ask for a loan of two million, and said he was going to purchase real estate in the "largest bloc" in Tel Aviv.
Former Auditor Horowitz. Finally, he had to complain to the police against Friedman
Friedman considered the bank a pleasant, humorous, knowing forge ties in the right places. He could maintain a good working relationship with those around him and planted them feel it in their mother and father.
Friedman is a sports fan, one of the fans of Hapoel Tel Aviv. "He burnt team", causing the bank told us, "He's going to her soccer games and does not stop talking about her. Mickey were always members of the Executive Team, and he was close to one of the former owners, accountants Rafi Agib, customer problematic in its own right. One had to be careful of him. "
-- Date: 2014-10-07 7:57 GMT-07:00
Justice in Israel is Amazing Bank Mizrahi Tefahot denied during the entire years of 2012 and 2013 that accounts which belongs to the estate belonged to anyone else but attorney Noa Medan and REFUSED TO EVER TALK TO MY HUSBAND about them. I was found guilty of libel when pointing to ONE PERSON at the bank (the account manager) that 562,000 NIS is missing from the estate accounts. Judge Yaakov Shaked found me guilty Based on very confused testimony by same account manager who was sent by the bank as the only witness against me. Now the same bank is saying all of a sudden that the estate not only belongs to my husband but it belongs to me also!!!
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|Israel is one of the most corrupt countries in the Organization for Economic Cooperation and Development (OECD), according to the 2014 OECD Corruption Perceptions Index published by Transparency International - Israel. Former State Comptroller Judge Micha Lindenstrauss (ret.) and Transparency International - Israel executive director Galia Sagy submitted the report to Minister of Justice Tzipi Livni. I
See how the bank immediately blames the victims in the newspaper article, when they know very well that it was an inside job of the bank.They did same to me!!!
Michael Axelrod brought the case through lawyers Ram Gamliel and Nadav Drznin. They argue that the bank transfer funds without receiving instructions that the owners of the account. They argue that the bank violated the provisions of the Supervisor of Banks, for making profit f.
According to the lawsuit, the couple Axelrod who do not speak Hebrew, opened in 2006 Mizrahi Tefahot bank accounts at the "Gan Haeeir". They argue that referred to this particular branch of the Bank by Michael Levitin, formerly of the Soviet Union who had a special relationship at the branch
The couple claimed that they had deposited $ 5.5 million during 2006-2007. According to the lawsuit, in August 2008, during a visit to Israel, the couple went to the Bank to withdraw cash and they discovered to their surprise that their account is about a negative balance of 530 shekels. They demanded their account movements printouts and after an investigation they discovered that during September 2006 through January 2008, the transfer of funds via 23 separate unlawful Levitin's account at the same branch. They argue that all money transfers were made by a Secretary named Alla Asfiz on the basis of written instructions by fax allegedly sent by the couple that allows them.
According to the couple, after the discovery of the theft of the money turned out that Mr. Levitin was known to the police and suspected of forging passports and identity cards.
The couple claim that the bank acted incompetently and recklessly failing to prevent automatic operation of this type of
certificate transfers without control and minimal testing means. They argue that this is a dereliction of the bank knowingly.
Concerning questions checking the source of the money deposited in the account, said the bank: "It is clarified that Mizrahi general and branch in particular strictly follow the law for preventing money laundering, so it was in this case. We have no doubt that after removed the masks and the curtain over real facts, not much will be left to the client's claims against the bank
Bank Leumi, Mizrahi Clients Said to Aid U.S. Tax Probe
Dozens of U.S. citizens who used offshore accounts to avoid taxes have helped the federal government in a criminal investigation of two Israeli banks, Bank Leumi Le-Israel Ltd. and Mizrahi Tefahot Bank Ltd., two people familiar with the matter said.
Leumi and Mizrahi set up accounts in Israel that U.S. clients didn’t declare to the Internal Revenue Service, said the people, who asked not to be identified because they aren’t authorized to speak publicly about the probe. Those accounts served as collateral on loans from U.S. branches that gave clients access to their money in Israel, according to the people and tax lawyers for the banks’ clients.
Zvi Sperling, a Los Angeles businessman born in Israel who took such back-to-back loans from both Tel Aviv banks, was the first person charged by the Justice Department. Sperling agreed to admit he conspired with Leumi and Mizrahi bankers, according to a plea agreement filed Feb. 14 in Los Angeles federal court. The filing refers to the banks as Bank A and Bank B. Mizrahi is Bank A and Bank B is Leumi, the people said. Other clients will be charged in the coming weeks, the people and tax lawyers said.
“Those two banks are under investigation for making loans to permit their depositors to repatriate undeclared, offshore assets to the U.S.,” said Robert Fink, a tax attorney at Kostelanetz & Fink LLP in New York who represents clients who have come forward. “The focus is on undeclared foreign bank accounts on which income has been earned that has not been reported to the IRS.”
The probe, which the people said involves a U.S. grand jury, comes amid a U.S. crackdown on offshore tax evasion that has widened since UBS AG, the largest Swiss bank, avoided prosecution in February 2009.
Orit Reuveni, a spokeswoman for Leumi, said in an e-mail that the bank is “within the scope of a U.S. inquiry into tax matters involving U.S. customers,” and that it is cooperating with the probe. Calls and e-mails seeking comment from a spokesman for Mizrahi weren’t returned. Benny Shoukron, a spokesman for Mizrahi, said by phone last week that the bank is looking into the Sperling matter.
Sperling “recognizes the serious mistakes that he has made, and he accepts full responsibility for his conduct,” his attorney, Steven Toscher, said in an interview.
Charles Miller, a spokesman for the Justice Department, declined to comment.
The case is U.S. v. Sperling, 13-cr-108, U.S. District Court, Central District of California (Los Angeles).
4 of Israel largest banks are sued by the Israeli general custodian/apotropos
Yardena Nilman was convicted of stealing $ 7 million from 26 helpless people she served as trustee ? now the state is suing bank Leumi, Discount, Hapoalim and Mizrahi, claiming that fraud was made possible due to the negligence and omissions by the banks
The four largest banks in the country - run the majority of the Israeli public's money, and therefore the law imposes on them a heavy responsibility and fiduciary duties, increased care and supervision for clients.
When a customer thinks the bank deprived him, broke the agreement with him, and caused him damage, he may file a lawsuit against the bank and stand on his rights. Indeed, every day the courts around the country are served claims of citizens against the banks.
When the money belongs to a man with a serious illness, mental or other brain damage and is unable to stand on his own the rights to the bank, the person responsible for representation, a guardian, is appointed by the court. But what happens when the Administrator embezzle from the helpless he is responsible for and abusing his power to steal from them? And what is the responsibility of the banks to monitor the guardian? Is the role of the Bank to keep the guards?
These important issues will be required to discuss by the district court soon following a suit filed in the amount of $ 7 million. It was filed today (Monday 22 of December 2014)) by the Administrator General of the Ministry of Justice against the banks
According to the state, the banks were negligent in maintaining the accounts of 26 infirm, including patients who had schizophrenia, Alzheimer and Parkinson, and allowed their former guardian, a convicted criminal, Jordana Nilman formerly an attorney who had custody services company, to steal millions of shekels..According to the allegations, despite the fact that Nilman is the one who stole the money- the banks are the ones who need to return them, since they are negligent in their supervision of those accounts and allowed her to carry the confidential accounts as she pleased.
"Theft of money of the powerless (by Nilman) was made possible by serious failures of banks
They were supposed to monitor the way in which they managed the accounts. The Banks were found to have severe impotence and they violated their duty of care towards the helpless. As a result of continued unlawful violations. immense sums from the accounts of the plaintiffs, which caused them serious damage, "said the Administrator General.
According to the state, "If the banks are in accordance with the standard of reasonable behavior -warning lights had to come on them, , , which would have prevented the severe damage caused to the plaintiffs regarding the accounts."
According to the lawsuit, the damage caused to the helpless stands intact even today, since such amounts taken from bank accounts, never returned them.
The lawsuit exposes web of a negligent conduct by the banks, in which " they allowed Niilman to frequently attract significant amounts from the accounts, as they did not perform the necessary tests and did not require Reference requests".
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EXPOSING THE ISRAELI OCCUPATION INDUSTRY;
Mizrahi Tefahot Bank
A sign in a construstion project in Ma'ale Adumim settlement, indicating the financial acompaniment of Mizrahi-Tefahot bank | Maale Adumim settlement | 18 March 2010 | Photographed by Dror Atkes
The supervisor of Jsraeli Banks, Dudu Zaken, had a dramatic announcement, on Thursday (1 - 15- 2015). He does not approve Muzi Wertheim's transfer control of Mizrahi Bank to his children David and Drorit. Last September 2014, Mozi Wertheim resigned from his position as a director after a continuous period of service for 20 years, reasoning his reaching the age of 84.
This message comes about a year after Muzi Wertheim, who owns half the shares control of Israel's third largest bank, announced that he had given away the control of the Bank's shares to his children, subject to approval of the Bank of Israel. Wertheim then announced in his letter that he would give 63% of his holdings in the bank to his son David and 37% to Drorit .
Mozi Wertheim was informed about the Supervisor of Banks message via his exi son n-law,Ron Gazit,, "The letter was received from the Licensing Unit under the supervision of the Bank of Israel, which indicated that in light of legal and procedural reasons, banking supervision can not recommend Bank of Israel Governor to issue the requested permit. Wertheim examine this letter and its implications. Mr. Moshe (Mozi) Wertheim continues to have a permit to control the Bank as before. "
a Spokesman for Muzi Wertheim refused to reveal what the circumstances were measured for David and Drorit not getting the desired control permit. Bank of Israel spokesman also declined to comment.
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• Litigation and Dispute Resolution
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