Former Drug Company CEO Charged in Massive Fraud Case

MarketsReuters

The former CEO of drug company Inyx Inc has been charged in connection with a fraud scheme that caused more than $100 million in losses and led to the collapse of one of Puerto Rico's largest banks, the U.S. Justice Department said on Friday.

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Jack Kachkar, 53, of Key Biscayne, Florida, was charged with eight counts of wire fraud in an indictment filed on Aug. 4 and unsealed on Friday, the department said in a news release. It said the scheme led to the collapse of Westernbank Puerto Rico.

(Reporting by Eric Beech; Editing by Mohammad Zargham)