Company Pleads Not Guilty in Va. to $670M Fraud - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Company Pleads Not Guilty in Va. to $670M Fraud

Posted:

RICHMOND, Va. (AP)- A Costa Rican company accused of a $670 million insurance fraud scheme has pleaded not guilty in federal court in Richmond.

Defense attorney John Russell entered the plea Monday on behalf of Provident Capital Indemnity Ltd. Provident and its president and majority owner, Minor Vargas Calvo, are scheduled for trial on conspiracy, wire fraud and mail fraud charges April 23.

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. The government says Provident misled investors about its financial stability, its credit rating and whether its financial statements had been audited.

An outside auditor for the company pleaded guilty in November to conspiring to commit mail and wire fraud.

  • Most Popular StoriesMost Popular StoriesMore>>

  • Woman Killed in Crash West of Millsboro

    Woman Killed in Crash West of Millsboro

    Saturday, April 19 2014 10:04 AM EDT2014-04-19 14:04:50 GMT
    Delaware State Police are investigating a two vehicle crash which has left a 59-year-old woman dead, on Conaway Road.More
    Delaware State Police are investigating a two vehicle crash which has left a 59-year-old woman dead, on Conaway Road.More
  • Pastor Carries Cross from Georgetown to Rehoboth Beach

    Pastor Carries Cross from Georgetown to Rehoboth Beach

    Friday, April 18 2014 11:22 PM EDT2014-04-19 03:22:29 GMT
    GEORGETOWN, Del.- About 16 miles separates Georgetown from Rehoboth Beach. That may not sound like a long distance. But picture doing it by foot."We're carrying a cross all the way from the circle in Georgetown on route 9 all the way to Rehoboth," said Pastor Joel Hitchcock of River City Church. Pastor Hitchcock alongside others spent Good Friday carrying a cross. His logic behind it all was simple."The reason for carrying this cross is to remind people of the main reason for Easter."When we ...More
    GEORGETOWN, Del.- About 16 miles separates Georgetown from Rehoboth Beach. That may not sound like a long distance. But picture doing it by foot."We're carrying a cross all the way from the circle in Georgetown on route 9 all the way to Rehoboth," said Pastor Joel Hitchcock of River City Church. Pastor Hitchcock alongside others spent Good Friday carrying a cross. His logic behind it all was simple."The reason for carrying this cross is to remind people of the main reason for Easter."When we ...More
  • Delmarva Chicken Festival to End in 2014

    Delmarva Chicken Festival to End in 2014

    Friday, April 18 2014 3:52 PM EDT2014-04-18 19:52:53 GMT
    The Delmarva Chicken Festival is making its last run this year after 65 years on the Delmarva Peninsula.More
    The Delmarva Chicken Festival is making its last run this year after 65 years on the Delmarva Peninsula.More
Powered by WorldNow

All content © Copyright 2000 - 2014 Worldnow and WBOC. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service