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Owner of Costa Rican firm guilty of $485 million fraud

Wednesday, May 2, 2012


The president and majority owner of Provident Capital Indemnity, from Costa RIca, was convicted by a federal jury in the United States of a $485 million fraud conspiracy in the life settlement bonding market, U.S. prosecutors said.

Minor Vargas Calvo, a citizen and resident of Costa Rica, was found guilty yesterday in a US district court of conspiracy, mail fraud, wire fraud and money laundering.

Vargas, 60, faces as long as 20 years in prison on each fraud count when he is sentenced in October.


Source: Bloomberg