RI News
8:52 am
Wed October 16, 2013

Congressman Jim Langevin Duped By Cranston Investment Scheme

Congressman Jim Langevin says he was among the legions of people who were duped by Cranston estate planner Joseph Caramadre.  The congressman is donating money he made as a profit from Caramadre’s unscrupulous scheme.

Congressman Jim Langevin.
Congressman Jim Langevin.
Credit Kristin Gourlay / RIPR

Congressman Jim Langevin said he unwittingly made a profit on an investment scheme that preyed on terminally ill people.  Langevin said he earned a profit of 86-hundred dollars from Joseph Caramadre’s Cranston estate planning business. Langevin said he donated profit to charity as soon as he became aware of Caramadre’s business practices.

Caramadre has pled guilty to stealing the identities of terminally ill patients in order to profit from death benefits paid on annuity policies issued without their knowledge.  Other Caramadre investors include Virginia gubernatorial candidate Terry McAuliffe and the law firm of former Central Falls receiver Robert Flanders. Caramadre is currently awaiting sentencing.

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