USA v. Provident Capital Indemnity, LTD. et al
Case Number:
3:11-cr-00014
Court:
Nature of Suit:
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Firms
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November 30, 2012
Auditor Gets 4.5 Years In Prison For $485M Bond Fraud
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.
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October 23, 2012
Insurance Exec Gets 60 Years For $485M Life Settlement Fraud
A Virginia federal judge on Tuesday sentenced the ex-president of Costa Rica-based Provident Capital Indemnity Ltd. to 60 years in prison for allegedly wheedling investors of their savings in a $485 million life settlement scheme.
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April 20, 2012
Provident Capital Admits To Reinsurance Bond Scheme
Provident Capital Indemnity Ltd. changed its tune Wednesday and pled guilty in Virginia federal court to one count of conspiracy for lying about its ability to meet obligations on hundreds of reinsurance bonds the company issued to back life insurance investments.
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March 19, 2012
Costa Rican Co. Denies Charges Of $670M Insurance Fraud
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.
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October 05, 2011
Feds Add Laundering Charges To $670M Bond Fraud Case
Federal prosecutors in Virginia on Monday tacked charges of money laundering onto an indictment accusing a Costa Rica-based insurer's president, along with the insurer's auditor, of selling some $670 million in fraudulent guarantee bonds on life insurance settlements.