Pharma exec convicted of $100 million fraud scheme in Miami federal court
Kachkar, 55, formerly of Key Biscayne, was also accused of embezzling millions of dollars to buy a private jet, real estate and luxury cars.
The 46-branch bank based in San Juan incurred $100 million in loan losses and was closed by regulators in 2010, when the Federal Deposit Insurance Corporation reached an agreement for Banco Popular de Puerto Rico to assume its deposits.
Two years later, Westernbank declared Inyx in default for failing to repay the loans.
Kachkar’s lawyers with the federal public defender’s office?!?!?
argued that the invoices were “pre-billing” and “development” invoices and that Westernbank was fully aware of them and wanted Inyx’s business to broaden the bank’s loan portfolio.
https://www.miamiherald.com/news/local/article225510020.html
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