Wills, Trusts & Estates Prof Blog

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

Saturday, October 19, 2013

Gubernatorial Candidate Invests with Scam Artist

JailEstate planner, Joseph Caramadre was recently convicted for stealing millions from insurance companies and bond issuers. Caramadre was taking the identities of terminally ill people and defrauding them. His punishment will be determined sometime next month. Gubernatorial candidate for Virginia, Terry McAuliffe was one of many who invested with Caramadre. Despite his role as an investor, there is no evidence that McAuliffe had any knowledge about what Caramadre was apart of. A spokesperson on Mr. McAuliffe's behalf claims that he made a $47,000 profit from his investments with Caramadre. As a result, he has donated that same amount to the American Cancer Society.

See Mark Maremont, Virginia's McAuliffe Was Investor With Convicted Estate Planner, The Wall Street Journal,  Oct. 10, 2013.

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


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