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Preying on the Weak

It was a despicable scheme—stealing identities of terminally ill individuals to fraudulently obtain millions of dollars from insurance companies and bond issuers.

Nov 30, 2012 03:00 PM

Preying on the Weak

Man in WheelchairIt was a despicable scheme—stealing identities of terminally ill individuals to fraudulently obtain millions of dollars from insurance companies and bond issuers.

Attorney Joseph Caramadre, president and CEO of his own estate planning company in Rhode Island—along with Raymour Radhakrishnan, an employee—pled guilty earlier this month in federal court to conspiracy to commit identity theft and wire fraud.

By abusing two financial instruments—variable annuities and death put bonds—and lying to terminally ill individuals and their loved ones to obtain identity information, Caramadre was able to achieve financial success...dependent though it was on the imminent death of the ailing.

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