Oct 23

Minor Vargas Calvo, a Costa Rican businessman with interests ranging from media to insurance to professional soccer, was sentenced to 60 years in federal prison on Oct. 23 for perpetrating a $485 million bond fraud.

Vargas was the president of Provident Capital Indemnity Ltd., which sold unregistered reinsurance bonds that were based on fraudulent financial statements and were not backed by reinsurance agreements with insurance companies, as Vargas had claimed.

Provident Capital was the subject of a 2008 Emergency Cease and Desist Order entered by the Texas Securities Commissioner. Vargas was convicted in U.S. District Court in Richmond, Va., on charges of mail and wire fraud and money laundering.