Ex-Costa Rican exec sentenced to 60 years

RICHMOND, Virginia—A judge sentenced a former Costa Rican businessman and professional soccer team owner to 60 years in prison Tuesday after hearing heart-wrenching and often tearful testimony from victims of his $485 million insurance fraud scheme.

The sentence handed down by US District Judge John A Gibney Jr ensures that Minor Vargas Calvo, 61, will spend the rest of his life in prison—the goal sought by federal prosecutors. Vargas told the judge the 644 days he has spent in custody have been enough to teach him a lesson.

“I can assure you I am not the monster the government or the witnesses present here,” Vargas said in a rambling and unapologetic statement. “I do not deserve any additional jail time because I am completely rehabilitated.” Vargas, president of Provident Capital Indemnity Ltd, was convicted in April on ten fraud and money laundering counts in a scam prosecutors said claimed thousands of victims worldwide. 

AP