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Posted: Monday, 16 December 2013 7:43AM

Men face sentencing in $46M RI scam against dying



PROVIDENCE, R.I. (AP) — A federal judge in Rhode Island will be sentencing two men for a $46 million investment fraud that preyed on terminally ill people.

Joseph Caramadre (kah-rah-MAH'-dray) and Raymour Radhakrishnan (RAY'-mohr rad-ah-KRISH'-nahn) are scheduled to be sentenced Monday in Providence after pleading guilty to wire fraud and conspiracy.

Caramadre was a prominent Rhode Island lawyer and philanthropist, and Radhakrishnan was his employee. Prosecutors say they illegally got personal information from terminally ill people and used it to purchase bonds and annuities that would pay out when a person died.

The strategy drew prominent investors.

Prosecutors have asked that Caramadre be sentenced to 10 years in prison and Radhakrishnan to eight. Caramadre's lawyers want two years in prison and two in home confinement, while Radhakrishnan has asked to serve one day behind bars.


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Topics : Law_Crime
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Locations : ProvidenceRhode Island
People : Joseph Caramadre
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