July 3, 2019

A Florida man convicted in February of causing the collapse of one of the largest banks in Puerto Rico has been sentenced to 30 years in prison and ordered to pay $103 million in restitution to the FDIC.  Jack Kachkar had fraudulently secured $142 million in loans from Westernbank of Puerto Rico by presenting fake invoices from his company, Inyx Inc.  When he failed to repay the loans, the bank suffered a catastrophic loss that forced it to close.  DOJ; USAO SDFL

Tagged in: Criminal Proceedings, Financial and Investment Fraud, Misrepresentations,