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Inyx Inc
Symbol U : IYXI
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Inyx's former chairman Kachkar convicted in Florida

2019-02-06 20:48 ET - Street Wire

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by Mike Caswell

A Florida jury has convicted former Canadian pharmaceutical executive Jack Kachkar for a $100-million loan scheme that led to the downfall of a Puerto Rican bank. (All figures are in U.S. dollars.) Prosecutors said that Mr. Kachkar, 55, carried out a massive fraud through Inyx Inc., an OTC Bulletin Board listing that claimed to be developing aerosol drug delivery technologies. He convinced the bank to provide loans to Inyx that were uncollectible while taking at least $25-million for himself.

The jury convicted Mr. Kachkar on Tuesday, Feb. 5, after a 14-day trial. The charges were eight counts of wire fraud. The judge scheduled his sentencing for April 30, 2019.

The conviction is, of course, a setback for Mr. Kachkar, a Syrian who immigrated to Canada in 1969. He had been living in the Miami area before his arrest. He has been a guest of the Bureau of Prisons since Dec. 29, 2016, when a judge found that he represented a substantial flight risk. When he was arrested he had bank cards that were not in his name and had recently travelled to Libya and Russia, countries that do not have extradition treaties with the United States.

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