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

Margay Rescued in Costa Rica After Backyard Sighting

A young margay wandered into a residential backyard here, prompting a swift rescue by environmental officials who found the wildcat in an oddly calm...

Is Your Costa Rica Trip Safe from U.S. Airport Chaos?

Travelers in Costa Rica can breathe easier as local airports report normal operations despite the chaos gripping air travel in the United States. The...

U.S. Aircraft Carrier Joins Anti-Drug Operations in Latin America

The world’s largest aircraft carrier joined on Tuesday the U.S. operation against drug trafficking from Latin America, which Venezuela insists is aimed at toppling...

Earthquake Rattles El Salvador With No Damage Reported

A moderate earthquake struck off the coast of El Salvador on Saturday evening, sending tremors through several areas but leaving no immediate reports of...

Alaska Hawaiian Airlines Revise Surfboard Policy for Costa Rican Surfers

Alaska Airlines and Hawaiian Airlines have rolled out a revised baggage policy that simplifies carrying surfboards on their flights, a change that stands to...

Panama announces capture in Venezuela of suspect linked to 1994 bombing

Panamanian authorities reported the arrest in Venezuela of the alleged perpetrator of a 1994 attack that brought down a plane in Panama with about...
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