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

US Open Celebrates Hispanic Heritage During 2026 Quarterfinals

The US Open is putting Hispanic and Latin American tennis in the spotlight today with its annual Hispanic Heritage celebration at the USTA Billie...

Costa Rica Expects Major Cruise Tourism Jump in Puntarenas

Costa Rica expects around 150,000 cruise passengers to arrive in Puntarenas during the 2026–2027 season, a sharp increase that could bring more business to...

Costa Rica Vehicle Thefts Hit a Ten-Year High

If you own a car here, it is more likely to be stolen now than at any point in the past ten years. Costa...

Costa Rica Stops 4 Panama Gang Suspects at Border

Four men linked by Costa Rican intelligence to Panamanian groups involved in drug trafficking and contract killing were stopped Saturday as they tried to...

Costa Rica Supreme Court Considers Changes After Judicial Corruption Cases

Costa Rica’s Supreme Court has ordered a review of the rules judges use to determine whether suspects remain in jail or are released under restrictions as organized crime and corruption cases put new pressure on the justice system

Costa Rica’s Rincón de la Vieja Sends Plume 1,000 Meters Above Crater

Costa Rica’s Rincón de la Vieja volcano erupted yesterday sending a plume approximately 1,000 meters (3,280 feet) above its crater and bringing the number...

Panama Canal May Restrict Ship Traffic as El Niño Worsens

Panama Canal administrator Ilya Espino de Marotta says further cuts to daily ship transits remain possible as El Niño worsens drought and strains water supplies.

Costa Rica Nears 49,000 Short-Term Rentals as Tourist Numbers Lag

A new study counts 48,985 short-term rental listings in Costa Rica, more than double 2019, while international arrivals remain below pre-pandemic levels.

Costa Rica Route 1 Closing Overnight at Río Barranca

Route 1 will be shut at the Río Barranca bridge from 8 p.m. Saturday to 8 a.m. Sunday while crews pull three RECOPE fuel...
L. Arias
L. Arias
Reporter | The Tico Times |
🌴 The Weekly Pura Vida

Costa Rica, Once a Week

The week's top stories, weather & insider tips — delivered every Sunday. One email, zero clutter.

🔒 Free. No spam. Unsubscribe anytime.

Loading…

Latest News from Costa Rica

Costa Rica Coffee Maker Chorreador
Costa Rica Car Rentals
Costa Rica Travel Insurance
Costa Rica Travel