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The president of a Costa Rica company that sold reinsurance bonds to life settlement companies has been sentenced in Richmond, Va., to 60 years in prison for carrying out a $.5 billion fraud scheme that affected more than 3,500 victims throughout the United States and abroad. 

Minor Vargas Calvo, a citizen and resident of Costa Rica, is the majority owner of Provident Capital Indemnity Ltd. (“PCI”), an insurance and reinsurance company registered in the Commonwealth of Dominica and doing business in Costa Rica.  He had been convicted of one count of conspiracy to commit mail and wire fraud, three counts of mail fraud, three counts of wire fraud, and three counts of money laundering. 

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