RICHMOND, Va. (AP) — A federal jury in Virginia is set to hear closing arguments in the trial of a former Costa Rican insurance executive charged in a $670 million fraud scheme.
The jury heard four days of testimony last week in the case of 60-year-old Minor Vargas Calvo. After hearing closing arguments Monday morning, the jury will get its instructions from U.S. District Judge John Gibney and begin its deliberations.
Vargas was president of Provident Capital Indemnity Ltd. 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.
Vargas is accused of lying to investors about Provident’s financial stability and credit rating. He’s charged with conspiracy, mail fraud, wire fraud and money laundering.
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