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

Rybakina Rallies into Miami Open Semifinals and Sets Up Blockbuster Clash

Elena Rybakina produced the headline result at the Miami Open, fighting back from a set down to beat Jessica Pegula 2-6, 6-3, 6-4 and...

Costa Rica President Elect Laura Fernández Backs US Migration Deal

President-elect Laura Fernández defended Costa Rica’s new migration agreement with the United States on Tuesday, arguing that the deal gives the country flexibility while...

Tiger Woods Arrested on Suspicion of DUI After Rollover Crash in Florida

Golf legend Tiger Woods was arrested this afternoon on charges of driving under the influence of substances following a single-vehicle rollover crash in Martin...

Sinner Beats Zverev at Miami Open, Sets Up Final Against Lehecka

The Italian second seed dispatched Alexander Zverev 6-3, 7-6(4) in Friday night's semifinal at the Miami Open presented by Itaú, booking his place in...

Costa Rica Expands Traffic Monitoring Ahead of Holy Week

Costa Rica’s Ministry of Public Works and Transport is expanding traffic monitoring and enforcement ahead of Semana Santa 2026, as one of the year’s...

Miami Open Shocker as Alcaraz Loses and Korda Delivers

Carlos Alcaraz’s Miami Open run ended Sunday in one of the tournament’s biggest surprises so far, as American Sebastian Korda knocked out the world...
L. Arias
L. Arias
Reporter | The Tico Times |
Costa Rica Coffee Maker Chorreador
Costa Rica Coffee Maker Chorreador
Costa Rica Travel Insurance
Costa Rica Travel

Latest News from Costa Rica