Wills, Trusts & Estates Prof Blog

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

Wednesday, October 23, 2013

McAuliffe Explains Investment in Caramadre Scheme


As I have previously discussed, Joseph Caramadre pled guilty to scamming the terminally ill.  Virginia gubernatorial hopeful Terry McAuliffe invested $33,000 in Caramadre’s scheme, making him a profit of $47,000.

In McAuliffe’s 2009 financial disclosure statement, he failed to include any mention of the then-active investment with Caramadre. McAuliffe claims he was a “passive investor” unaware of any wrongdoings and that he failed to disclose the investment on the advice of his accountants and lawyers.

McAuliffe has donated $74,000 to charity, which supposedly represents his earnings from the scheme as well as a campaign donation from Caramadre.

See Laura Vozzella, McAuliffe Did Not Disclose Death-Benefit Investment, Washington Post, Oct. 14, 2013.

Special thanks to Richard E. Mattersdorff (Attorney at Law, El Paso, TX) for bringing this article to my attention.


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Love the way they all give it to charity....once they get caught.

Posted by: Brian | Oct 23, 2013 2:59:06 PM

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