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.
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 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.