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Life Health > Annuities

Lawyer gets 6 years in $46M RI scam against dying

By Michelle R. Smith

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PROVIDENCE, R.I. (AP) — A federal judge sentenced a Rhode Island lawyer to six years in prison Monday for his role in a $46 million investment fraud that preyed on terminally ill people, calling him the architect of the scheme and saying he didn’t seem to recognize the harm he had caused.

Joseph Caramadre was sentenced in Providence after pleading guilty to wire fraud and conspiracy. His lawyers wanted two years in prison and two in home confinement. Prosecutors sought 10 years.

Judge William E. Smith also ordered Caramadre to perform 3,000 hours of community service to help the elderly and terminally ill. He put off the question of restitution because Caramadre’s lawyer has objected to the amount.

Caramadre was a prominent lawyer and philanthropist. Prosecutors say he and former employee Raymour Radhakrishnan illegally got personal information from terminally ill people and used it to purchase bonds and annuities that would pay out when a person died.

“You seemed to apologize that they were hurt. You don’t seem to recognize that you were the one that hurt them,” Smith said at the sentencing, after Caramadre addressed the court. “You were the one who was the architect of the scheme and ultimately you are the one who’s responsible for the hurt and distress that’s been imposed upon those individuals.”

Radhakrishnan was also being sentenced Monday. He has asked to serve one day behind bars.

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