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Life Health > Annuities

Feds want 10 years for fraud that preyed on dying

By AP Staff Writer

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PROVIDENCE, R.I. (AP) — Federal prosecutors have asked a judge for a 10-year prison term for a Rhode Island lawyer who led a $46 million investment fraud that preyed on terminally ill people.

Ten years is the maximum allowed under a plea agreement signed by Joseph Caramadre, who pleaded guilty to wire fraud and conspiracy.

Prosecutors said in papers filed Monday that Caramadre deserved the sentence because of the nature of the crime and his lack of remorse. He’s scheduled to be sentenced next week.

Caramadre’s lawyer did not immediately return a message seeking comment.

Caramadre illegally used personal information from terminally ill people to purchase bonds and annuities that would pay out when a person died.

One of his employees also pleaded guilty.

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