"I wanted to scream out, Obama, say, 'keep your accountant, they're allowing you to pay only 13 percent in taxes,' " Booker said. "The rest of us should have accountants like that." But, Booker conceded, the "right advice" for Obama was to "stay presidential." [The Hill]
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Provident Capital Indemnity Ltd’s former outside auditor admitted in federal court this week to participating in a $670 million fraud in the life settlement bond market, according to the Department of Justice.
56-year-old Jorge Castillo pleaded guilty Monday to one count of conspiracy to commit mail and wire fraud, U.S. Attorney Neil MacBride in Alexandria, Virginia, said in a call with reporters. He could face up to 20 years in prison.
Castillo admitted to conspiring with PCI president Minor Vargas Calvo to prepare false financial statements that reflected contracts PCI held with other reinsurance companies. Castillo admitted to prosecutors that he never audited PCI’s financial statements and that he was aware PCI did not actually enter into the contracts with other reinsurance companies listed on the company’s financials. PCI paid him about $84,000 from 2004 to 2010.
Castillo will be sentenced in a Richmond, VA federal court on May 22.
DOJ: Purported Auditor Of Provident Capital Pleads Guilty In Scheme [WSJ]