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Life Insurance Bond Co. Defendants Deny $670M Fraud

Law360 (February 9, 2011, 6:07 PM EST) -- Costa Rica-based Provident Capital Indemnity Ltd.’s president and its purported outside auditor pled not guilty Wednesday to playing roles in an alleged $670 million scheme that swindled investors who bought bonds guaranteed by life insurance settlements.

President Minor Vargas Calvo and the offshore company’s supposed outside auditor, Jorge L. Castillo, entered their pleas in the U.S. District Court for the Eastern District of Virginia on Wednesday, three weeks after an indictment against them was unsealed and federal securities regulators filed a parallel civil action against them....
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