Auditor Cops To Role In $670M Life Settlement Fraud

Law360, New York (November 21, 2011, 2:28 PM EST) -- A New Jersey man who served as outside auditor for Costa Rica's Provident Capital Indemnity Ltd. pled guilty Monday in Virginia federal court to fraud for his role in an alleged scheme to sell $670 million in bogus guarantee bonds on life insurance settlements.

Jorge Luis Castillo, who pled guilty to conspiracy to commit mail fraud and wire fraud, faces up to 20 years in prison, a $250,000 fine and a $40 million criminal forfeiture, Neil MacBride, the U.S. attorney for the Eastern District of Virginia,...
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