I-Team: Government wants 10-year sentence for Caramadre
Prosecutors for the U.S. attorney's office in Rhode Island are recommending a 10-year prison sentence for convicted estate planner Joseph Caramadre.
It's the maximum sentence allowed under the terms of a plea agreement Caramadre entered into when he pleaded guilty.
Caramadre admitted to stealing the identities of terminally ill patients and using their information to apply of a variety of annuities that included death benefits.
"Caramadre exploited individuals at the most vulnerable moments in their lives, when they or their family members were on their death beds," the government said.
Caramadre and his partner, Raymour Radhakrishnan, recruited and convinced terminally ill patients or their loved ones to fill out applications for annuities in return for money to help with funeral expenses.
Testimony from the victims showed that none of the terminally ill applicants understood that they were allowing Caramadre and his partner to use their personal information in the investment scheme.
The annuities included a death benefit, but did not require the annuitant to be related to the beneficiary.
Caramadre and more than 100 investors became beneficiaries and made huge sums of money.
Caramadre also defrauded several insurance companies more than $40 million.
Caramadre and Radhakrishnan will be sentenced on Dec. 16. The government is recommending an eight- year prison term for Radhakrishnan.