Florida Resident Sentenced for Scheme That Caused Puerto Rico Bank’s Demise
The Key Biscayne resident convinced Westernbank, one of the largest banks in Puerto Rico with 1,500 employees, to enter into a series of loan agreements. Westernbank advanced money based on the tens of millions of dollars of fake invoices. In all, $142 million in loans were made, much of which was diverted to the man, who purchased a private jet, luxury homes, extravagant jewelry, and more. The activity led to Westernbank's ultimate demise. The individual has just been sentenced to 30 years and ordered to repay $103 million. [7/8/19]
