WASHINGTON the former chief executive of defunct drug
enterprise Inyx Inc (IYXI.PK) has been charged in connection with a fraud
scheme that induced greater than $a hundred million in losses and led to the
disintegrate of one of Puerto Rico's biggest banks, the U.S. Justice branch
said on Friday.
Jack Kachkar, fifty three, of Key Biscayne, Florida,
turned into charged with 8 counts of twine fraud in an indictment filed on Aug.
4 and unsealed on Friday, the department said in a information release. It
stated the scheme brought about the closure of Westernbank Puerto Rico in April
2010.
On Friday Kachkar became arrested and made his first court docket
appearance. He could not right now be reached for comment.
consistent with the indictment, Kachkar, who served as Inyx
chairman and CEO from 2005 to 2007, precipitated fraudulent customer invoices
to be submitted as collateral for loans from Westernbank and embezzled the
proceeds for his non-public use.
The Justice branch stated Kachkar misappropriated about $25
million to shop for highly-priced actual property in Miami,
luxury cars and a private jet.
Inyx, which had been indexed at the Nasdaq exchange, filed
for bankruptcy in 2007.
After the closure of Westernbank Puerto Rico, the Federal
Deposit coverage agency arranged for its $eight.6 billion of deposits to be
transferred to Banco popular de Puerto Rico.
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