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Business Crimes Hotline
The former CEO of a pharmaceutical company was found guilty by a jury on eight counts of wire fraud affecting a financial institution for orchestrating a scheme that led to the collapse of one of Puerto Rico's biggest banks. Dr. Jack Kachkar, who formerly ran Inyx, Inc., was found guilty in front of Judge Graham of the Southern District of Florida for fraud that caused Westernbank to suffer over $100 million in losses, ultimately causing the bank to shutter.
From 2005 to 2007, Dr. Kachkar secured over $142 million in loans from Westernbank based on what he alleged were customer invoices, but which were actually fraudulent documents created by employees at Inyx. In addition, Dr. Kachkar misrepresented the value of other assets, including mines, which the bank also relied on as collateral. Inyx ultimately defaulted on the loan in 2007. Westernbank later closed in 2010, costing over 1500 employees their jobs, based on repercussions from losses connected to the Inyx default.
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