SOUTH FLORIDA RESIDENT SENTENCED TO 30 YEARS FOR $100 MILLION INTERNATIONAL FRAUD SCHEME THAT LED TO THE COLLAPSE OF ONE OF PUERTO RICO’S LARGEST BANKS | WHAT REALLY HAPPENED

SOUTH FLORIDA RESIDENT SENTENCED TO 30 YEARS FOR $100 MILLION INTERNATIONAL FRAUD SCHEME THAT LED TO THE COLLAPSE OF ONE OF PUERTO RICO’S LARGEST BANKS

SOURCE: JUSTICE.GOV

A Key Biscayne, Florida, resident and the former CEO and Chairman of a now-bankrupt multinational pharmaceutical company was sentenced to 30 years in prison followed by five years of supervised release yesterday for his role his role in a $100 million scheme to defraud Westernbank of Puerto Rico (Westernbank). The losses triggered a series of events leading to Westernbank’s insolvency and ultimate collapse.

Jack Kachkar, 56, was sentenced by U.S. District Judge Donald L. Graham of the Southern District of Florida, who also presided over the trial in this case. Judge Graham also ordered the defendant to pay $103,490,005 in restitution to the FDIC, as receiver for Westernbank. Kachkar was convicted on Feb. 4, 2019, after a three-week trial, of eight counts of wire fraud affecting a financial institution.

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