N.J. Accountant Sentenced In $485M Life Insurance Scam
LARRY O'DELL, Associated Press |
"I regret from the bottom of my heart the consequences of this unscrupulous scheme of which I was a part," Castillo told U.S. District Judge
The judge, citing what he believed to be Castillo's genuine remorse and his cooperation in the government's case against
Castillo admitted cooking the books for Provident, which sold bonds guaranteeing funding for companies that buy life insurance policies from insured people at less than face value and collect the benefits when those people die. Vargas was sentenced in October to 60 years for leading the scam.
"Accountants and auditors are the gatekeepers of our financial system and are entrusted with the critical role of protecting the public from fraud," U.S. Attorney
Before the sentence, Gibney said he was struck by the contrast between Castillo, whom he described as "a good person," and Vargas.
"Vargas is absolutely unrepentant," he said.
But the judge said he also had to consider the victims, who relied on the falsified financial statements when they invested in the life settlement contracts.
"This offense enabled PCI and Vargas to steal a lot of money," Gibney said. "This is not something that deserves just a slap on the wrist."
Defense attorney
"He's lost everything financially, his professional license he worked so hard to obtain," Hanes said. "So the consequences of this to
Hanes also urged the judge to consider Castillo's testimony against Vargas, whose business dealings and ownership of two professional soccer teams made him "a very powerful man" in
Assistant U.S. Attorney
"Everybody in the world probably has a side to themselves that they don't want anyone else to see," Gibney said. "I'm not going to sentence part of the man, but the whole man _ the good and the bad."
Castillo is the ninth and final defendant sentenced in
The Provident and A&O cases were brought in
Copyright: | (c) 2012 The Associated Press. All rights reserved. |
Source: | Associated Press |
Wordcount: | 594 |
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