10:32:36 EDT Thu 19 Sep 2019
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Inyx Inc
Symbol U : IYXI
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Inyx ex Kachkar appeals 30-year sentence

2019-07-10 19:45 ET - Street Wire

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by Mike Caswell

Jack Kachkar, the Canadian doctor who received 30 years in jail for defrauding a bank of $103-million through his OTC Bulletin Board company, has filed an appeal. (All figures are in U.S. dollars.) Mr. Kachkar used the bank's money for what prosecutors called an "uber-lavish" lifestyle. He purchased a private jet, several condos and spent $600,000 on a hotel stay, among other things.

The appeal is contained in a notice filed on Tuesday, July 9, in federal court in Miami. The brief document simply states that Mr. Kachkar is appealing the final judgment, including his 30-year sentence. It provides no details, but Mr. Kachkar previously complained that prosecutors had "scapegoated" him in the case. He also said that he had health problems that should have resulted in a lighter jail term.

Mr. Kachkar's appeal comes five months after a Florida jury convicted him for a massive fraud that he carried out through Inyx Inc., a company that claimed to be developing aerosol drug delivery technologies. During Mr. Kachkar's 14-day trial, prosecutors contended that he convinced a Puerto Rican bank to provide $103-million in loans to Inyx, with the loans based on non-existent receivables. According to the government, Mr. Kachkar's scheme led to the downfall of the lender, Westernbank of Puerto Rico, and jeopardized the livelihood of its 1,500 employees.

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