Cranston Estate Planner Sentenced Six Years For Fraud Scheme
Cranston estate planner Joseph Caramadre has been sentenced to six years in prison for his role as architect of an investment scheme that exploited the terminally ill. Once he gets out of prison he’ll have to put in 3,000 hours of community service.
Joseph Caramadre pleaded guilty to wire fraud and conspiracy but was unrepentant at his sentencing. He said he never intended to defraud anyone. Prosecutors say he and former employee Raymour Radhakrishnan illegally got personal information from terminally ill people and used it to purchase bonds and annuities that would pay out when the person died. Prosecutors said Caramadre and his investors pocketed $46 million 15 year period.
Defense attorney Bill Murphy thought the sentence was too long. “It’s a tough sentence. It’s a six year sentence that he received for a crime of non-violence,” said Murphy. “I understand the judge’s reasoning. It is a strong sentence.”
Meanwhile U.S. Attorney Peter Neronha was disappointed that the court didn’t hand out a ten year sentence, as the government requested. “Certainly it’s not the sentence that we would have liked to have seen,” said Neronha. “Nonetheless, I respect it.”
Caramadre’s associate Radhakrishnan was sentenced to one year and one day in prison, followed by six months of house arrest.
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