Insurance Exec Gets 60 Years For $485M Life Settlement Fraud
U.S. District Judge John A. Gibney Jr. sentenced Minor Vargas Calvo, 61, to 60 years for the scam, which prosecutors said involved using fraudulent financial statements and bogus reinsurance agreements to sell more than $485 million worth of bonds guaranteeing life settlement investments.
“Mr. Vargas masterminded a criminal reinsurance company that...
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