Judge: Companies lost $46M in RI investment fraud

PROVIDENCE, R.I. (AP) — A federal magistrate judge has determined an investment fraud that preyed on the dying cost insurance companies and bond issuers $46 million.

U.S. Magistrate Judge Patricia Sullivan issued her finding on Wednesday.

Her recommendation will be used when Joseph Caramadre and Raymour Radhakrishnan are sentenced.

They pleaded guilty last year to wire fraud and conspiracy. Caramadre was a well-respected attorney and Radhakrishnan was his employee.

They illegally used personal information from terminally ill people to purchase bonds and annuities that would pay out when a person died.

Sullivan says $33 million of the $46 million loss happened after Radhakrishnan joined the scheme.

The numbers will be used to help determine how much restitution the men should be ordered to pay.

Sentencing is scheduled for Dec. 16.


Copyright 2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Related Suitability Resources

Powered by

  • Complimentary 7 Page Guide: Turn $200 Into $22,500

    Senior Advisory Group’s iCampaign™ provides its members with consistent opportunities to connect with consumers who are actively shopping for annuities. Download the "Meet Tom B" whitepaper and discover how Tom used iCampaign™ to transform his practice,

  • Construct Your Own Path To Success!

    There is never one path to success, but many, and we can show you all of them. Our Pathfinder will guide through the exploration of how EXACTLY you can take your practice to new heights. Watch the video now!


Advertisement. Closing in 15 seconds.