South Florida Man Guilty in $100 Million Fraud Against Puerto Rico Bank

February 6, 2019

A South Florida man has been convicted in a $100 million scheme to defraud a Puerto Rico bank.

According to court records, the 55-year-old man was convicted in Miami federal court Monday of eight counts of wire fraud affecting a financial institution. His sentencing is scheduled for April 30.

Prosecutors believe the man served as chairman and CEO of a pharmaceutical company from 2005 to 2007 and caused Westernbank to grant a series of loans in exchange for a security interest in the company’s assets in 2005. According to reports, evidence showed Western Bank agreed to advance money based on fake customer invoices, which allowed the man to divert tens of millions of dollars.

Westernbank declared the loan in default in 2007 and lost more than $100 million, leading to the bank’s insolvency and collapse.

Wire fraud is a federal offense and if convicted, you face heavy fines and serious jail time. Since this man was found guilty of committing wire fraud against a financial institution, jail time can be up to 30 years. These are very serious charges, and you should not wait to seek help. In fact, the sooner you obtain legal representation the better.

A person can be found guilty of wire fraud if they knowingly and willfully devised a scheme to defraud, or obtain money or property under false pretenses, and knowingly transmitted or caused to be transmitted by wire in interstate commerce in some capacity for the purpose of executing the scheme to defraud. This crime is centered around “intent,” and you do not have to actually defraud someone to be convicted of wire fraud.

If you are under investigation for wire fraud or are facing charges, let our South Florida Wire Fraud Defense Attorneys at Whittel & Melton help you. Call us today at 561-367-8777 for a free consultation or contact us online.