Wills, Trusts & Estates Prof Blog

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

Tuesday, October 29, 2013

More on McAuliffe's Shady Investment


As I have previously discussed, Virginia gubernatorial candidate Terry McAuliffe made at least $47,000 off an investment into Joseph Caramadre’s scheme targeting the terminally ill.  McAuliffe then failed to list the investment on financial disclosure forms during his 2009 campaign.

McAuliffe claimed to be a “passive investor,” but at least two investors, a former judge and a Hollywood producer, knew they were betting on specific, dying individuals.

Based on a loophole in insurance annuities, Caramadre helped McAuliffe receive a stranger’s death benefits.  McAuliffe’s investment paired him directly with an ailing mechanic, who he claimed was an acquaintance.  McAuliffe’s campaign claims he did not know the mechanic or why they were listed as acquaintances.

See Laura Vozzella, In Annuity Deal Tied to McAuliffe, 2 Investors Knew They Bet on Specific, Dying People, The Washington Post, Oct. 26, 2013.


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