Costa Rican Insurer Hit With $108M Judgment For Fraud Role

Law360, New York (July 10, 2012, 7:07 PM EDT) -- The U.S. Securities and Exchange Commission won a $108.4 million judgment in Virginia federal court Tuesday against Costa Rica-based Provident Capital Indemnity Ltd., which sold reinsurance bonds backing life insurance investments, for its role in a $485 million criminal fraud.

The company pled guilty to mail and wire fraud conspiracy in April and is liable for $43.6 million in fraudulently gained profits plus $51.1 million in interest. The court also ordered it to pay a $13.7 million civil penalty.

According to prosecutors, between at least 2004...
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Case Information

Case Title

Securities and Exchange Commission v. Provident Capital Indemnity, LTD et al

Case Number



Virginia Eastern

Nature of Suit



John A. Gibney, Jr

Date Filed

January 19, 2011

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