Ex-Synergy CEO Arrested In $750M Bank Fraud Scheme

Law360, New York (April 13, 2012, 6:09 PM EDT) -- The former CEO of bankrupt food products company Synergy Brands Inc. was arrested Friday and charged with bank fraud for allegedly participating in a $750 million check-kiting scheme to boost Synergy's apparent revenues.

Mair Faibish, 52, was indicted on charges of bank fraud, conspiracy and false statements. Prosecutors claim he inflated the revenues of Syosset, N.Y.-based Synergy with a scheme that involved passing bad checks to Canadian companies and receiving bad checks in return, ultimately circulating around $750 million in phony money.

He pled not guilty...
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