In fact, these lenders had not agreed to repay Westernbank’s loan. Kachkar made false and fraudulent representations to Westernbank executives that he had additional collateral, including purported mines in Mexico and Canada worth hundreds of millions of dollars, to induce Westernbank to lend additional funds, the evidence showed.
In truth, these lenders had turned down Westernbank’s loan request. Kachkar made false promises to Westernbank executives that he had extra assets, including purported mines in Mexico and Canada worth hundreds of millions of dollars, to convince Westernbank to provide more funds, as demonstrated by the evidence.