November 21, 2012
Attorneys Plead to Fraud Charges in Profiting from Variable Annuities On Lives of Terminally-Ill
Two Rhode Island lawyers, Joseph Caramadre and Raymond Radhakrishnan, pleaded guilty to fraud in federal district court, for selling variable annuities to help investors profit off the deaths of terminally ill people. Authorities said that the men concealed from the terminally-ill individuals and their families that their identities would be used on annuities purchased by Caramadre and others. They were also charged with lying to insurers and the broker-dealers that processed the annuity applications.
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