Arab Today, arab today exsynergy ceo charged in ny in 26 mln bank fraud
Last Updated : GMT 08:51:59
Arab Today, arab today
Arab Today, arab today

Ex-Synergy CEO charged in NY in $26 mln bank fraud

Arab Today, arab today

Arab Today, arab today Ex-Synergy CEO charged in NY in $26 mln bank fraud

Washington - Arabstoday

A former chief executive of bankrupt food company Synergy Brands Inc has been criminally charged with attempting to inflate sales through a massive cross-border check-kiting scheme that cost one bank $26 million, federal prosecutors said on Friday. Mair Faibish, 52, was charged with bank fraud, making false statements and conspiracy. He faces up to 30 years in prison, according to a spokesman for the U.S. Attorney\'s Office in Brooklyn, New York. Faibish intends to plead not guilty and will be \"defending the charges vigorously,\" his lawyer Bradley Simon said in an interview. \"When we have our day in court, I think it will be very clear there was absolutely no fraud.\" The defendant was arrested on Friday morning, and was expected to be arraigned in Brooklyn federal court. According to the indictment, Faibish and various accomplices ran a $750 million check-kiting operation in which checks backed by insufficient funds were transferred between associated companies and various banks in the United States and Canada. Prosecutors said banks would make funds from the bad checks available, allowing Faibish and others to write more checks, which were then transferred to other companies. One lender, Signature Bank, lost $26 million from the activity, according to the indictment. A spokeswoman for the bank did not immediately respond to a request for comment. Faibish was also charged with overstating Synergy\'s financial condition in an August 2008 filing with the U.S. Securities and Exchange Commission. According to prosecutors, about 20 percent of the $44.5 million of sales that the Syosset, New York-based company reported for the second quarter of 2008 were fictitious. Synergy also inflated its cost of goods sold and \"prepaid\" expenses, prosecutors said. \"Corporate executives who abuse their positions of trust can expect to be investigated and prosecuted to the full extent of the law,\" U.S. Attorney Loretta Lynch said in a statement. Synergy was a holding company with subsidiaries that distributed a variety of food and beauty products, cigars and baking mixes. It was delisted from the Nasdaq in December 2008, and filed for Chapter 7 bankruptcy in January 2011. Among its directors at the time of the bankruptcy was Bill Rancic, winner of the first season of Donald Trump\'s reality show \"The Apprentice.\" A call and email to a representative listed for Rancic were not immediately returned Friday. Synergy shares now trade on the Pink Sheets. They closed Thursday at 9/100ths of a cent. The case is U.S. v. Faibish, U.S. District Court, Eastern District of New York, No. 12-265.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today exsynergy ceo charged in ny in 26 mln bank fraud Arab Today, arab today exsynergy ceo charged in ny in 26 mln bank fraud

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Rebel supporters flood Yemen streets

GMT 06:39 2017 Monday ,27 March

Rebel supporters flood Yemen streets
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Actress Mervat Amin reveals her role in new series
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 06:04 2017 Thursday ,23 March

Haifa Wahby bets on her new drama show

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 20:03 2017 Saturday ,25 March

Health expert warns from dust sensitivity

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday