RI News
10:27 am
Mon December 16, 2013

Caramadre Sentencing Scheduled Monday For Fraud Schemes

Cranston estate planner Joseph Caramadre will be sentenced Monday morning for his role in a scheme that bilked terminally ill people of 46-million dollars.

Prosecutors will ask that he be locked up for ten years.

Caramadre and an associate pleaded guilty last year to fraud and conspiracy.  Federal prosecutors say Caramadre was the mastermind behind an investment strategy in which he stole the identities of terminally ill people.  He illegally used that information to purchase bonds and annuities that would pay out when the person died.  

Federal prosecutors will ask that Caramadre receive the maximum punishment allowed in the plea agreement: 10 years in prison. 

Federal judge William Smith has received a deluge of letters supporting leniency for Caramadre.  Catholic Bishop Thomas Tobin, former Boston Mayor Ray Flynn and others have written the judge asking for leniency.

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