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 Route 27 Sinkhole Forces Major Traffic Detours

Traffic on Costa Rica’s Route 27 remains heavily disrupted after a large sinkhole opened near Coyolar in Orotina, forcing the full closure of the...

Fonseca Stands Alone for Latin America After Cerúndolo, Tabilo Exit Roland Garros

Juan Manuel Cerúndolo, the Argentine who electrified Roland Garros by knocking out world No. 1 Jannik Sinner, saw his breakthrough run ended Monday by...

Life in Costa Rica Shows Expats a Different Side of Politics

I moved permanently to Costa Rica for many reasons, but the political situation in the United States was not one of them. And to...

El Salvador Extends State of Exception for 51st Time

El Salvador's 51st extension of the state of exception took effect Sunday, May 31, and runs through June 29, keeping certain constitutional guarantees suspended...

Chile’s Alejandro Tabilo Ends French Teen’s Roland Garros Run

Alejandro Tabilo gave Chile and Latin American tennis one of the stronger storylines of the French Open on Saturday, rallying past 17-year-old French wild...

Tourists in Costa Rica Warned About Optional Dollar Card Fee

Foreign visitors who pay by card in Costa Rica now face a 6% charge from one of the country's largest banks if they choose...

Drivers in Costa Rica Should Expect Delays at Pacuar River Bridge

Drivers using Route 243 between San Isidro de El General and Dominical should expect minor delays today as transportation officials carry out final work...

Costa Rica Soccer Team Rocked by Off-Field Problems Before England Match

Costa Rica’s men’s national team is facing another setback at the start of Fernando “Bocha” Batista’s rebuild, after three players were removed from camp...

What The Costa Rica Weather Is Like This Week June 1 – 8

If you're traveling in Costa Rica this week, expect the typical green-season pattern: bright, mostly dry mornings, then clouds and thunderstorms rolling in during...
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

Live prediction market odds via Kalshi. Updates every 60 seconds.
Kalshi is available to US residents 18+. The Tico Times may earn a commission from new signups.

Costa Rica Car Rentals
Costa Rica Travel Insurance
Costa Rica Travel