I-Team: Langevin unwittingly profited from Caramadre scheme - News, Weather and Classifieds for Southern New England

I-Team: Langevin unwittingly profited from Caramadre scheme

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U.S. Rep. Jim Langevin U.S. Rep. Jim Langevin

Democratic U.S. Rep. Jim Langevin of Rhode Island received an $8,600 profit from a relative's investment using a terminally ill patient as an annuitant.

He said he unwittingly made a profit in a scheme masterminded by Cranston estate planner Joseph Caramadre.

Caramadre pleaded guilty to stealing the identities of terminally ill patients and using the information to falsify annuity applications that contained a death benefit for the owner of the annuity.

Caramadre discovered a loophole in the annuity insurance policies that allowed for the owner of the annuity to be unrelated to the annuitant.

"In 2007, I made a loan to a family member in order to fund a portion of an investment they planned to make with Mr. Caramadre. Later that year, the same family member repaid the loan, as well as an additional $8,600, which they characterized as a portion of the return on their investment," Langevin said.

Langevin received $4,800 in campaign donations from Caramadre in 2009.

"When I became more fully aware of Mr. Caramadre's business practices, I decided to donate the $8,600 to charity," Langevin said.

Langevin claims since he donated his profit, he has not had any "further association" with Caramadre.

Langevin said he will not give back or donate the 2009 campaign donations. The donations were made after Caramadre's criminal activities had terminated.

A review of Caramadre campaign donations over the past 10 years reveals he's donated to Langevin, U.S. Sen. Sheldon Whitehouse, Hillary Clinton and numerous other politicians.

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