|Targeted News Service|
A certified public accountant (CPA) and purported outside auditor for
Castillo pleaded guilty on
"As a licensed accountant,
Accountants and auditors are the gatekeepers of our financial system and are entrusted with the critical role of protecting the public from fraud.
Today's sentence will hopefully send a strong message to those in the accounting profession that they will be held responsible when they break that trust by facilitating or participating in fraud."
According to court records, PCI was an insurance and reinsurance company registered in the Commonwealth of
Castillo admitted that he conspired with
Castillo further admitted that he never performed an audit of PCI's financial statements and that, in fact, he personally created the statements he claimed to be independently auditing. He also admitted that he and others at PCI knew that the company never actually entered into reinsurance contracts with any major companies. Castillo also admitted that he and other conspirators provided the false financial statements and fraudulent independent auditors' report to
From 2004 through 2010, PCI sold at least
Vargas, a citizen and resident of
This investigation is being conducted by the
The investigation has been coordinated by the
TNS CT21CT-121201-4124396 61ChengTacorda
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