Jorge Luis Castillo, 56, a resident of New Jersey, pleaded guilty for his role in a $670 million fraud scheme involving victims throughout the United States and abroad.
“Mr. Castillo played an integral role in a multi-million dollar fraud scheme that harmed investors throughout the United States and abroad,” said Assistant Attorney General Breuer. “Trading on his qualification as a CPA, he created false documents that concealed the true nature of Provident Capital Indemnity’s (PCI) operations. We are determined to continue holding accountable those who commit financial fraud, and prey upon unsuspecting investors.”
According to a statement of facts filed with Castillo’s plea agreement, PCI was an insurance and reinsurance company registered in the Commonwealth of Dominica and doing business in Costa Rica. Castillo prepare audited financial statements that falsely claimed that PCI had entered into reinsurance contracts with major reinsurance companies.
Castillo also admitted that he and other conspirators provided the false financial statements and fraudulent independent auditors’ report to Dun & Bradstreet (D&B), which D&B relied on in compiling its commercial reports on PCI and issuing its 5A rating of PCI’s financial strength.
Castillo is scheduled to be sentenced on May 22, 2012. Conspiring to commit mail and wire fraud carries a maximum penalty of 20 years in prison.