Tuesday, November 20, 2012
As I have previously discussed, philanthropist and lawyer Joseph Caramadre and his employee Raymour Radharkrishnan were indicted on a great number of counts for using fraudulently obtained information from terminally ill clients to make profit on death benefit annuities. Now, both men have pleaded guilty to two of the counts, wire fraud and conspiracy. Both men admitted to doing exactly what they were accused of doing. They were accused of "stealing the identities of terminally ill patients, lying to them, and lying to insurance companies to make millions in profits for themselves and dozens of other investors." The sentencing phase is scheduled to begin in February. Both men could receive 10 years in federal prison.
See Jim Taricani, Philanthropist Pleads Guilty to Cheating the Terminally Ill, NBC 10, Nov. 19, 2012.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) and Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.