Filed Under:Your Practice, Regulatory

Innovator or fraudster?



In Jake Bernstein’s recent article, “Death Takes a Policy,” he writes about Joseph Caramadre, a Rhode Island financial planner and attorney whose close reading of the law has instead gotten him in deep trouble with it. Caramadre determined that when it came to variable annuities, Rhode Island had no insurable interest requirement statue, and so he devised a scheme whereby he could get elderly and dying people to take out variable annuities that he would then sell to investors or simply keep himself. The typical enticement for this was a check for $2,000, and the transaction was typically done under the guise of Caramadre acting as a self-styled “charitable organization” coming to give people in need a few much-needed dollars.

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Nichole Morford

Nichole Morford
Managing Editor

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