Auditor Gets 4.5 Years In Prison For $485M Bond Fraud

Law360, New York (November 30, 2012, 5:24 PM EST) -- The purported outside auditor for Provident Capital Indemnity Ltd. was hit on Friday with a four-and-a-half year prison term for his role in an alleged fraud scheme to sell $485 million in bogus guarantee bonds on life insurance settlements.

New Jersey resident Jorge Luis Castillo, 57, was sentenced in Virginia federal court by U.S. District Judge John A. Gibney, according to the U.S. Department of Justice. Besides his prison sentence, Castillo was ordered to forfeit more than $43 million and serve three years of supervised release. ...
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