Costa Rican Co. Denies Charges Of $670M Insurance Fraud

Law360, New York (March 19, 2012, 8:33 PM EDT) -- Provident Capital Indemnity Ltd., a Costa Rica-based company that sold reinsurance bonds backing life insurance investments, denied criminal fraud charges in Virginia federal court on Monday related to a $670 million scheme.

The company will go on trial on April 23, facing charges of conspiracy, mail fraud and wire fraud in the action seeking forfeiture of more than $40 million, for allegedly lying about PCI's ability to meet obligations on hundreds of bonds the company issued.

PCI President Minor Vargas Calvo pled not guilty in October...
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Case Title

USA v. Provident Capital Indemnity, LTD. et al


Case Number

3:11-cr-00014

Court

Virginia Eastern

Nature of Suit

Date Filed

January 5, 2011

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