At Sentencing, Ex-CEO Argues $100M Fraud Didn't Sink Bank

Law360, Miami (July 1, 2019, 11:05 PM EDT) -- With a potential life sentence at stake, a convicted former medical device company executive and prosecutors sparred over testimony Monday on the connection between a $100 million loan fraud scheme he orchestrated and the collapse of one of Puerto Rico's largest banks.

On the first day of the sentencing hearing for former Inyx Inc. CEO Jack Kachkar, his attorneys focused on reports and allegations that leadership at Westernbank Puerto Rico acted recklessly while rapidly growing the bank's loan portfolio in the years just before the Great Recession hit. They contended Kachkar is being scapegoated for those failures and urged U.S. District...

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