Powered by

Pharma exec convicted of $100 million fraud scheme in Miami federal court

Feb 04, 2019 - The Miami Herald

A pharmaceutical executive was found guilty of fraud Monday when Miami federal jurors found that he used $100 million worth of phony receivables as collateral to obtain loans that his company failed to repay, leading to the collapse of one of Puerto Rico's biggest banks.

Jack Kachkar, the former chairman and CEO of Inyx Inc., was found guilty of all nine counts of wire fraud stemming from his scheme to use bogus invoices to prop up the financial health of the company so that it could obtai...