No menu items!

COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

HomeArchiveTico accountant sentenced to 4.5 years in prison in U.S. insurance scam...

Tico accountant sentenced to 4.5 years in prison in U.S. insurance scam trial

A U.S. court in Richmond, Virginia, on Friday sentenced Costa Rican accountant Jorge Luis Castillo to 4.5 years in a federal prison for cooking the books of a company owned by businessman Minor Vargas as part of a $485 million life insurance scam, Business Week magazine reported.

Castillo received a reduced sentence after testifying against Vargas in the trial. Castillo admitted to fraudulent accounting practices on behalf of Provident Capital Indemnity Ltd., and apologized for his role in the global scheme that claimed thousands of victims, including many who lost their life savings.

“I regret from the bottom of my heart the consequences of this unscrupulous scheme of which I was a part,” Castillo told U.S. District Judge John A. Gibney.

Castillo is the ninth and final defendant sentenced in Virginia in a pair of related cases involving the life settlement industry. Most pleaded guilty, but Vargas and two principals of Houston-based A&O went to trial and were convicted.

In October, Vargas was sentenced to 60 years in prison for the crimes of fraud and money laundering. He was president and owner of Brujas Football Club and Club Deportivo Barrio Mexico, both in Costa Rica. He also was president of powerhouse soccer club Saprissa, and the owner of publishing company Icon Group and a synthetic turf business.

Trending Now

Costa Rica’s PPSO Backs Laura Fernández to Continue Rodrigo Chaves’s Agenda

Former Minister of Economy Francisco Gamboa and attorney Douglas Soto will join Laura Fernández for the 2026 elections, representing the Sovereign People’s Party (PPSO),...

Costa Rica Launches Traceability System to Tackle Illegal Logging

Costa Rica is advancing with the creation of a National Forest Traceability System, a key tool to guarantee the legality and sustainability of timber...

Massive Cocaine Seizure at Costa Rica’s Moín Terminal Targets UK

Costa Rican police intercepted 810 kilograms of cocaine hidden in a banana shipment at the Moín Container Terminal in Limón headed for the United...

Costa Rica Pacific Coast Under Warning for Tsunami-Linked Currents

The National Emergency Commission (CNE) has issued a public alert for Costa Rica’s Pacific coast, warning of dangerous ocean currents expected on Wednesday morning,...

Honduras Reinstates Mask Mandate Amid Rise in Respiratory Illnesses

Honduran health officials have reinstated a nationwide mask mandate following a spike in respiratory illnesses, including COVID-19, flu, and a fast-spreading Omicron subvariant known...

Keylor Navas Leads Pumas to Victory in His Liga MX Debut

Keylor Navas kicked off his Mexican league journey with Pumas UNAM in style, leading the team to a 2–0 win over Querétaro at Estadio...
L. Arias
L. Arias
Reporter | The Tico Times |
spot_img
Costa Rica Coffee Maker Chorreador
Costa Rica Coffee Maker Chorreador
Costa Rica Travel Insurance
Costa Rica Rocking Chait
Costa Rica Travel

Latest News from Costa Rica