I-Team: Caramadre client list - News, Weather and Classifieds for Southern New England

I-Team: Caramadre client list

Posted: Updated:
Joseph Caramadre Joseph Caramadre
CRANSTON, R.I. -

Terence McAuliffe, the former chairman of the national Democratic Party and current Virginia gubernatorial candidate, was one of hundreds of people who invested in variable annuities that used terminally ill patients as the annuitants.

McAuliffe and others became owners of the investment instruments through Cranston estate planner Joseph Caramadre. Caramadre pleaded guilty to stealing the identities of terminally ill patients and using that information to falsely apply for annuities and bonds with death puts.

Prosecutors said Caramadre cost insurance companies between $37 million and $48 million from the scheme.

Caramadre, with the help of a partner, would use personal information from terminally ill patients on investment applications that contained death benefits. The actual owners of the annuity would be Caramadre or hundreds of investors. In exchange for the personal information, Caramadre often times would help the families of the terminally ill to pay for funeral expenses.

Besides McAuliffe, Robert Flanders, a former justice of the Rhode Island Supreme Court, is on the investment list. Gaythorne "Poochie" Angell, a long-time bookie and mob associate, was also an investor, along with Monsignor Raymond Bastia, who handles financial planning for the Roman Catholic Diocese of Providence.

There is no evidence that the investors knew that Caramadre was stealing the identities of the terminally ill patients.

"The investment was for a retirement fund for my prior law firm, and I absolutely did not know Caramadre was stealing the identity of terminally ill patients," Flanders told the I-Team.

Caramadre's use of unrelated owners of the annuities was legal.

Caramadre and his partner have pleaded guilty to the investment scheme. Prosecutors said Caramadre made millions.

Caramadre is being held at the Wyatt Detention Center and has yet to be sentenced.

 


 

Download Caramadre Client List (PDF)

  • NBC 10 I-Team

  • Call the I-Team Fraud and Waste Hotline at 401-455-9123 or e-mail iteam@wjar.com.

    About the I-Team

    NBC 10's I-Team was the first investigative unit in Rhode Island.

    Formed in 1979, the I-Team has produced award-winning investigations into organized crime, public corruption and social issues ranging from child abuse to battered women.

  • The I-TeamMore>>

  • Katie Davis

    Katie Davis

    Katie Davis is an I-Team reporter at NBC 10. She joined the team in January 2010 and is excited to live and work in New England.
    Katie Davis is an I-Team reporter at NBC 10. She joined the team in January 2010 and is excited to live and work in New England.
  • Parker Gavigan

    Parker Gavigan

    Parker Gavigan is an Associated Press award-winning journalist, and was named to the NBC 10 I-Team in January 2013. Parker digs deeper to get the answers that matter to you.
    Parker Gavigan is an Associated Press award-winning journalist, and was named to the NBC 10 I-Team in January 2013. Parker digs deeper to get the answers that matter to you.
Powered by WorldNow

23 Kenney Drive
Cranston, R.I., 02920

Telephone: 401.455.9100
Fax: 401.455.9140
Email: news@wjar.com

Can't find something?

NBC 10 Outerwear Provided by:

NBC 10 Media Relations
Provided by:

Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.