MIAMI (CBSMiami/AP) — Another reminder that crime doesn’t pay.
A South Florida man has been convicted in a $100 million scheme to defraud a Puerto Rico bank.
Court records show that 55-year-old Jack Kachkar was convicted in Miami federal court Monday of eight counts of wire fraud affecting a financial institution. His sentencing is scheduled for April 30.
Prosecutors say Kachkar served as chairman and CEO of pharmaceutical company Inyx Inc. from 2005 to 2007.
Officials say Kachkar caused Westernbank to grant a series of loans in exchange for a security interest in Inyx’s assets in 2005.
Evidence showed Westernbank agreed to advance money based on fake customer invoices, which allowed Kachkar to divert tens of millions of dollars.
Westernbank declared the loan in default in 2007 and lost more than $100 million, leading to the bank’s insolvency and collapse.
(© Copyright 2019 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)