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Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

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Thursday, November 15, 2012

Lawyer and Employee Accused of Fraudulently Making $30 Million

Unknown-2Lawyer Joseph Caramadre and his employee Raymour Radhakrishnan are charged with dozens of counts, including wire and mail fraud, identity theft, conspiracy and money laundering, stemming from a business they ran in which they took out variable annuities and so-called death-put bonds. They are accused of fraudulently making over $30 million by opening accounts in the names of terminally ill people.  One victim, Edwin Rodriguez, who was once told he had three months to live testified in federal court that he knew nothing about accounts created in his name by Joseph and Raymour. 

Edwin testified that a nurse who cared for him in hospice care informed him that there was a generous person giving out money to people in his situation.  About a month after that, he met Raymour.  During that meeting, Raymour gave him a $2,000 check.  Raymour also had him sign several blank documents, which he was told were to show the benefactor that he received the money.  

In reality, Joseph used the documents to open accounts with another person. Edwin testifies that Joseph was never at any of the meetings with Raymour. 

Jurors have heard from several family members of other alleged victims who fell prey to a similar scheme.  The trial is expected to last two to three months and is scheduled to continue Thursday with additional testimony from relatives of alleged victims. 

See Dying Man, Others Testify in Alleged $30M Fraud, CanadianBusiness.com, Nov. 14, 2012.

Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.

http://lawprofessors.typepad.com/trusts_estates_prof/2012/11/lawyer-and-employee-accused-of-fraudulently-making-30-million.html

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