Men Plead Guilty to Cheating Terminally Ill
Estate planners stole their identities, took out 'death-put' bonds on them
By Newser Editors and Wire Services
Posted Nov 19, 2012 3:30 PM CST
A screenshot from a TV report on the case.   (YouTube)

(Newser) – Two men accused of stealing the identities of terminally ill people to reap $30 million from insurance companies and brokerage houses pleaded guilty midway through their trial today, and face prison sentences of up to 10 years each. Joseph Caramadre, 50, CEO of Estate Planning Resources in Rhode Island, and his former employee Raymour Radhakrishnan, 28, entered guilty pleas to one count each of wire fraud and conspiracy, ending the trial that began last week and had been expected to last up to three months.

Prosecutors say the two placed ads in a Catholic newspaper offering $2,000 to people who were terminally ill. They then allegedly lied to them to get them to divulge personal information, and used that info to purchase variable annuities and so-called "death-put" bonds that would pay out when a person died. "Today's message is that greed is not good," Rhode Island's US Attorney said after the proceeding. "Life is not just about making money."

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Showing 3 of 13 comments
Dorian Mode
Nov 23, 2012 10:37 AM CST
10 years, Up to 10 years, meaning thoses guys will get 2 years at the most. Who said crime does not pay.
Ghille
Nov 19, 2012 11:01 PM CST
Absolutely NO way a crime worth 30 MILLION is paid off in 10 years!! Just not right!
bubbahotep
Nov 19, 2012 10:37 PM CST
They're gonna like that skinny little Indian prick in the joint. He'd better hit the weight room fast.