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 Prices Fall Again as Inflation Remains Below Zero

Consumer prices in Costa Rica fell again in July, reversing two months of increases and keeping the country in a prolonged period of negative...

Thousands Fill San José Plaza in Defense of Costa Rica’s Judiciary

Thousands of Costa Ricans packed the Plaza de la Democracia in San José last evening and spilled across several blocks of Avenida Segunda, closing...

Costa Rica Seals Security Contracts as “Operation Pegasus” Remark Goes Unexplained

A decree in force since August 10 seals Costa Rican security records including procurement files, as a governing-party lawmaker's unexplained "Operation Pegasus" remark sharpens the dispute.

FIFA Defends Gianni Infantino Amid Leadership Crisis

FIFA has accused critics of waging a “concerted and ongoing effort” to undermine the organization and its president, Gianni Infantino, as the crisis surrounding...

Why the Cincinnati Open Is the Last Major Test Before the US Open

The Cincinnati Open begins opening its grounds to fans this weekend, but for the players arriving in Mason, Ohio, the tournament carries considerably more...

What You Actually Owe at Costa Rica’s Land Borders

Costa Rica charges one land exit fee — $8 per person. Here's how to pay it online, what a legitimate receipt looks like, and what to do if asked for more.

Is Costa Rica Losing Its Tourism Edge in Central America?

Imagine that the seven nations of Central America are participants in a race. The race has no finish line. Instead it's an ongoing competition...

Strange Balloon-Like Object Spotted Over Costa Rica

A mysterious white object seen high above several parts of Costa Rica over the weekend triggered a new round of speculation online, with residents...

World Surf League Returns to Costa Rica at Playa Hermosa

Professional surfing returns to Costa Rica’s international stage today as the Garabito Surf City PRO 2026 gets underway at Playa Hermosa, bringing an official...
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