Virginia jury convicts Costa Rican insurance executive in $485M raud

A federal jury in Virginia has convicted a former Costa Rican insurance executive on all counts in a $485 million fraud scheme.

The jury on Monday found that 60-year-old Minor Vargas Calvo lied to clients and investors about his company's financial strength.

Vargas was president of Provident Capital Indemnity Ltd. Provident sold bonds guaranteeing funding for life settlement companies, which buy life insurance policies from insured people at less than face value and collect the benefits when those people die. Prosecutors originally said Provident sold $670 million in bonds, but only $485 million was proven at trial.

Vargas faced one count of conspiracy and three counts each of mail fraud, wire fraud and money laundering.

The company pleaded guilty to a single count of mail and wire fraud conspiracy before Calvo's trial began.