KRISTV.com
CORPUS CHRISTI, TEXAS | CONTINUOUS NEWS COVERAGE
Powered by
National News
Two Men Plead Guilty To Cheating The Terminally Ill
Posted: Nov 19, 2012 10:50 AM
PROVIDENCE, R.I. - Two men accused of stealing the identities of terminally ill people to reap $30 million from insurance companies and brokerage houses pleaded guilty Monday, several days into their trial under, and face prison sentences of up to 10 years each.
Estate planning lawyer Joseph Caramadre, 50, and his former employee Raymour Radhakrishnan, 28, entered guilty pleas in U.S. District Court in Providence to one count each of wire fraud and conspiracy, ending the trial that began last week and had been expected to last up to three months. Testimony was to resume Monday.
Prosecutors say Caramadre, CEO of Estate Planning Resources in Cranston, and Radhakrishnan took out variable annuities and so-called "death-put" bonds that would pay out when a person died. Authorities say they lied to terminally ill people to get personal information that was used to purchase bonds and annuities in their names without consent.
"Today's message is that greed is not good," Rhode Island U.S. Attorney Peter Neronha said after the proceeding.
He said the defendants had taken the identities of the terminally ill for no other reason than to make money.
"They did that with impunity, and that's what brought them down," he said. "Life is not just about making money."
Caramadre and Radhakrishnan had earlier pleaded not guilty to a 66-count indictment on charges including conspiracy, identity theft, aggravated identity theft and money laundering. Caramadre had also been charged with witness tampering.
Caramadre had no comment after leaving the courthouse. Gregg Perry, a spokesman for Caramadre, said in a statement that he "has made a decision that acceptance of this plea agreement is in his best interests and the best interests of his family."
Both men face up to a 10-year prison sentence under the plea agreement. Judge William E. Smith scheduled sentencing for February.
Prosecutors said the men placed an ad in a Catholic newspaper that offered $2,000 to people who were terminally ill.
The pair lied to people who responded to the ads and got personal information that was then used to purchase bonds and annuities in their names without their consent, authorities said. They also lied to the companies issuing the accounts, prosecutors said, by falsely saying that the people opening the accounts had substantial wealth and investment experience.
Video On Demand
Submit News
Do you have a tip, information about a breaking news story, or a story idea for 6 Investigates? Contact the KRIS 6 News Desk at 361-884-6666 or send us an email.
Most Popular
KRISTV.COM is Social!
Click the icons above to receive News, Weather, and Sports alerts from KRISTV.COM!
Inside KRISTV.COM
 |
Photo Central Look at photos and videos and share them! |
 |
Desktop Weather Current forecast, hurricane info, and much more! |
 |
KRISTV.COM Mobile Website Get KRISTV.com on your mobile or PDA! |
 |
KRISTV.COM Mobile Apps Get our mobile apps on your mobile or PDA! |
 |
Texas Lottery See the latest winning numbers! |
 |
6 News Team Read about your favorite KRIS-TV personalities! |
 |
FCC Online Public File FCC Public File of Records, Reports, and more |
Comments