PROVIDENCE, R.I. – A federal judge sentenced Cranston estate planner Joseph A. Caramadre to six years in prison for his role as mastermind of an investment scheme that exploited the terminally ill.
U.S. District Court Chief Judge William E. Smith also imposed 3,000 hours of community service in hospice care over three years of supervised release after his prison term.
Smith deferred imposing restitution to the insurance companies and brokerage houses he defrauded. A federal magistrate is recommending he pay $46 million.
The judge told Caramadre that he doesn’t seem to realize he is responsible for “very real emotional, psychological victimization” of dying people.
Before the sentence was announced, Caramadre addressed the court, saying he “lost everything at the hands of the government and their investigation.”
Caramadre apologized to Judge Smith and to the families of the terminally ill. He said he designed the program as a “win-win.”
He asked for two years in jail plus two years of home confinement.
He said he didn’t “buffalo” the insurance companies. “The answer is this: I played by the rules, your honor.”
“My real regret is that I should have supervised my codefendant,” he said.
Caramadre and his employee Raymour Radhakrishnan pleaded guilty last year to fraud and conspiracy in a scheme in which they stole dying people’s identities. They then purchased investments using that information. His investors profited after the people died.
Minutes after Caramadre was sentenced, Judge Smith sentenced codefendant Raymour Radhakrishnan to a year and a day in prison for his role in the investment scheme targeting terminally ill people.
Estate planner Caramadre sentenced to 6 years in prison; associate gets 1 year, 1 day
December 16, 2013
The Providence Journal