Costa Rican Co. Prez Convicted Of $485M Insurance Fraud

Law360, New York (April 30, 2012, 10:13 PM EDT) -- The president of Costa Rica-based Provident Capital Indemnity Ltd., which sold reinsurance bonds backing life insurance investments, was found guilty of fraud and money laundering Monday by a Virginia federal jury for his role in a $485 million scheme.

A jury in the Eastern District of Virginia found Minor Vargas Calvo, 60, guilty of one count of conspiracy to commit mail and wire fraud, three counts of mail fraud, three counts of wire fraud, and three counts of money laundering.

Vargas faces up to 20 years...
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