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by Mike Caswell
The U.S. Securities and Exchange Commission has halted Inyx Inc., the OTC Bulletin Board company used by Canadian Jack Kachkar in a $103-million loan fraud. (All figures are in U.S. dollars.) The government said that Mr. Kachkar ran a scheme in which he had Inyx fraudulently borrow large sums of money based on non-existent receivables, with Mr. Kachkar using a large portion of the money for a private jet and real estate. His actions led to the downfall of the lender, Westernbank of Puerto Rico, and led to Mr. Kachkar receiving 30 years in jail.
The halt, contained in an order the SEC issued on Monday, Feb. 22, comes more than a little late for shareholders, with Mr. Kachkar's scheme having ended in 2007. The SEC has said little about its reasons for halting the stock (simply questioning the "adequacy and accuracy" of information about the company), but it is probably looking at recent trading activity. The stock, which barely traded for years, has become somewhat active in recent weeks, with volume of 3.2 million shares on one day. Whatever the SEC's concerns are, Inyx has been silent on the matter, and will likely remain so. The company has issued no news or made any regulatory filings in over 10 years.
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