Pharma Exec Kachkar Arrested on Wire Fraud Charges

Oct 02, 2016

UPI

According to an article in UPI, pharma executive Jack Kachkar was arrested and charged with fraud in a $100 million scheme that helped lead to the collapse of Puerto Rico's Westernbank.

Kachkar, was arrested on eight counts of wire fraud for allegedly using his pharmaceutical company, Inyx Inc., to defraud the Puerto Rican bank out of more than $100 million in two years, the story said.

The Justice Department also said Kachkar "misappropriated" nearly $35 million in funds to his personal accounts.

Read the full article