Thread by @DawsonSField

I think I tweeted this out in February when the conviction happened, but the former Pharma Exec just got 30 years & $104M in restitution!
Took $142M in fraudulent loans from a Puerto Rican bank from 2005-07.
HT to @USAby4thepeople #ButNothingsHappening justice.gov/opa/pr/south-f…

The bank was ordered closed in 2010, when it still had $13B in assets but was more than a billion short to cover it's liabilities. So this $142M is only a drop in the bucket of the bad loans the bank made, almost like the bank was allowing itself to be raided then collapsed...

NYC FDIC office detected the finance & 'risk management' problems from 2005-2008 but didn't intervene strongly enough to save the bank. Wonder why they got a pass? fdicoig.gov/sites/default/…

In 2001, the bank decided to grow it's business loans division & started giving away billions of dollars in shady loans until bank regulators stepped in after the first $5.1B.

So this $142M involved in the conviction is only a small percentage of the fraudulent loans involved. FDIC & PR & Federal banking regulators knew by 2007 that the loans were bad & reported in a 2010 OIG report that much of it was fraud. But we don't see justice until 2019?

Huh, looks like a lot of the loans were for luxury construction projects. Wonder if one of those was the golf course that Trump tried to save in 2008 with rebranding it that failed. Allegedly because of fraud on the part of his targets, I mean partners.

Before Trump tried to save the golf course & hotel, the government of Puerto Rico had given them about $75M dollars. Sounds pretty Swampy to me...
Like something the FBI would send one of it's best undercover assets in to join the operation & investigate! buzzfeednews.com/article/daniel…

Back to the pharmaceutical exec. He promised the bank loan guarantees from banks in the UK, Norway & Libya. Assured them of revenue coming from mines in Mexico & Canada (who knew pharmaceutical companies owned mines!)

Looks like a Swamp creature using Puerto Rico as a piggy bank. But why did he get away with it for so long? You don't think anyone was protecting him & the others behind the $5B in loans?

Wonder why the FDIC OIG was the lead investigator in this case...
Why are the Royal Canadian Mounted Police involved in this case? You don't think this money got laundered into the Frozen Swamp?
Huh the UK's Metropolitan Police provided substantial assistance too.

HT to @BabeReflex_8 for sharing this. Apparently before raiding this Puerto Rican bank, our suspect was run out of Ireland for stealing money from an Irish company & moving it to Canada. thestar.com/news/gta/2011/…

Even more interesting, he was convicted in 2011 of fraud involved in trying to buy a French football team. Yet after almost 15 years and a 'botched' FDIC investigation into the bank failure, he is finally going to prison.

Since our suspect hails from Toronto, I wonder if that is what lead Trump in 2007 to begin a project there...
en.wikipedia.org/wiki/The_St._R…

Seems Comey's FBI & Lynch's DOJ indicted Kachar in August of 2016 under seal. Looks like it may be connected to the string of bank money laundering cases that kicked off in 2014.
courtlistener.com/docket/4502951…

I need to stop looking at this. I keep finding more rabbit holes!
Seems one of the big loans $19.7M was to buy Aventis PR, a division of the Sanofi-Aventis Group. He also managed to arrange a low tax rate in Puerto Rico to go with it....

Link to the above pictures.
thepharmaletter.com/article/inyx-b…

He was the Chairman of the firm Doblique in 2003 when it acquired INyX. They paid the consultants who arranged the deal in stocks. I guess that would motivate people to inflate the value of the company to inflate the stocks.
businesswire.com/news/home/2003…

This entire deal sounds shady, how did this group stay out of prison for so long?

Seems one of their big lines at the time was metered dose and dry powder respiratory inhalers. Why is that important, because at the time nations were banning CFC inhalers & forcing people to switch to these to save the ozone! And pass on the costs to consumers.

So at time he was getting & disappearing $142M in loans from this bank, the Swamp was deciding to force Americans to buy his very expensive healthcare products! scientificamerican.com/article/unlike…

The FDA banned albuteral powered inhalers, accouning their decision in 2005, with the ban kicking in at the end of 2008.

Of course the process was still covered by patent until 2010 allowing them to charge excessive rates because of the FDA requiring everyone to switch to their patented system!

While Inys was making these systems, the big companyies GSK, Teva & Schering-Plough owned the patents & got a cut on every device.

Are we seeing a prosecution linked to this 2005 decision by the FDA to make a few pharmaceutical companies very rich? Harming peoples' health too!

Even in 2008, Scientific American was pointing out that this policy was not only going to harm the poor to make pharmaceutical companies money. But that it would cost lives & quality of life.
#ButNothingsHappening

Wow, his wife may be involved in shady stuff too!
Opening a shell company to breed race horses...
His wife Victoria Benkovitch was propping up his pharma business with her race horse empire!
thedealsleuth.wordpress.com/2007/07/19/w-h…

Victoria's first husband & friend of Kachar is Alexandre Benkovitch, who was connected to a large disappearance of IMF money that was supposed to be propping up Russia so Yeltsin could get reelected! He allegedly worked for alleged Russian mobster Semion Mogilevich!

Why were his pharm businesses struggling, huge overhead costs & bizarre "related-party" transactions... Seems Westerbank filed a RICO suit against him for siphoning off 10s of millions of the money they loaned him. Paying fake invoices, shifting money to shell company accounts...

Oh look, he announced a Dubai office before declaring bankruptcy...
But then the US bankruptcy court let Kachkar claim to be debtor in possession, giving him priority over all the other creditors that the business owed money to!

Even then folks knew something was fishy with the loans Westerbank kept giving Inyx & Kachkar!

Huh, so his wife bought a horse racing business after he bankrupted & ran from his first pharma company. Then used that business to buy his next pharma company.
theglobeandmail.com/sports/canadia…

Lots of details from their proposal to go public with their pharma company in 2005.
sec.gov/Archives/edgar…

So after buying Inys, they go out & buy up the assets of the bankrupt pharma company that he ran into the ground then ran away with the money from! Unbelievable, for a company who got 80% of it's revenue manufacturing products for Big Pharma companies.

His Big Pharma clients are some of the biggest. They even talk about their profits beign driven by the Montreal Treat & countries banning CFC medical devices!

They claim they need to go public & raise funds so that they can spend money to get FDA & other nations regulators to approve their products.

Jackpot! These crooks were hired by the UN to assist poor countries transition to non-CFC inhalers & other devices! First country up with millions in UN funding! Cuba!

Of course, they worked out a deal to allow them to bypass US sanctions on Cuba in order to conduct the project to convert them to non-CFC inhalers. I'm sure the Big Pharma companies that held the patents got a cut!

So the company was working with State Department and OFAC to devise a way around the sanctions against Cuba.

They seem to have used a hedge fund called Laurus Funds as a piggy bank to keep their operation afloat. Anyone know anything about them?

So here's the list of people that owned a piece of the company who he was trying to pay with a public offering, before going bankrupt on the new stockholders' dime...