Securities Law Updates | New Releases/No Action Letters
January 23, 2012
CPA-Auditor of Costa Rica-Based Insurance Company Admits Role in $670 Million Fraud Scheme
USA v. Provident Capital Indemnity, Ltd. et al.
DOJ No. 11-1518, Case No. 3:11cr14, U.S. District Court for the Eastern District of Virginia, 11/21/2011
A certified public accountant (CPA) and purported outside auditor for Provident Capital Indemnity Ltd. (PCI) has pleaded guilty for his role in a $670 million fraud scheme involving victims throughout the United States and abroad.
Jorge Luis Castillo, 56, a resident of New Jersey, pleaded guilty before U.S. District Judge John A. Gibney in the Eastern District of Virginia to conspiring to commit mail and wire fraud, which carries a maximum penalty of 20 years in prison. Castillo is scheduled to be sentenced on May 22, 2012.
The guilty plea was announced by U.S. Attorney for the Eastern District of Virginia…
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