Bank Fraud

A former pharmaceutical executive was convicted of fraud Monday after a three-week trial in Miami over his role in a $100 million scheme involving phony loan collateral that led to the collapse of a major Puerto Rican bank.

MIAMI – A former pharmaceutical executive was convicted of fraud Monday after a three-week trial in Miami over his role in a $100 million scheme involving phony loan collateral that led to the collapse of a major Puerto Rican bank.

Jack Kachkar, 55, was found guilty of eight counts of wire fraud affecting a financial institution. He will be sentenced in April.

Categories / Criminal, Financial, Trials

Subscribe to our free newsletters

Our weekly newsletter Closing Arguments offers the latest about ongoing trials, major litigation and rulings in courthouses around the U.S. and the world, while the monthly Under the Lights dishes the legal dirt from Hollywood, sports, Big Tech and the arts.