The Jerusalem District Court on Monday convicted the former CEO of the defunct construction company Heftsiba, Boaz Yona, of a litany of grave offenses including theft, fraud and conspiracy to commit other violations.

Heftsiba crumbled overnight in early August 2007, leaving hundreds of homeowners empty-handed and Yona gallivanting overseas with, allegedly, more than NIS 100 million in money stolen from the company. The former CEO was subsequently extradited to Israel from Italy, and later signed a plea bargain.

Yona admitted to the offenses as part of the plea bargain signed on June 16, the day he was extradited to Israel, after fleeing to Italy about a year ago. The state prosecutor also asked that he be held until a ruling is handed down in the case.

According to the plea bargain, Yona will serve a seven-year sentence, including the time he has already spent in Italian and Israeli jails. Yona will also pay NIS 4 million to his victims.