I-Team: No letters of support for Caramadre before sentencing - News, Weather and Classifieds for Southern New England

I-Team: No letters of support for Caramadre before sentencing

Posted: Updated:

At one point in his life, estate planner and lawyer, Joseph Caramadre, was a well-known and well-liked philanthropist, who donated huge sums of money to the Catholic church and supported many non-profit groups like Big Brothers of Rhode Island and the Boy Scouts.

But now, less than two weeks away from being sentenced for stealing the identities of terminally ill patients and using their information in an investment scheme that made him and his investors millions, Caramadre's popularity has apparently taken a nose dive.

The NBC 10 I-Team searched the federal court files to determine if anyone wrote letters on behalf of Caramadre or his partner, Raymour Radhakrishnan. Typically, defendants have friends and loved ones write letters to the sentencing judge, attesting to their otherwise good character and ties to the community.

But so far, no one has written on Caramadre's behalf.

Raymour Radhakrishnan, on the other hand, received letters from 18 people, including his mother.

"Raymour was absolutely enthralled with Mr. Caramadre. He would come home every weekend with stories of meeting businessmen and women, politicians and social activists. As far as the business was concerned, we were told by Raymour and his girlfriend's father that Caramadre was an expert in insurance and financial products and had found a way to profit from death," said Julie Radhakrishnan.

Other letters came from a former college roommate, a CPA, and a letter from the Defy Ventures group in New York City. Defy Ventures is a non-profit organization that gives people with criminal histories a second chance.

Raymour Radhakrishnan has been working there for about six months.

"Raymour has not only been contrite about his case but has already begun the process of bettering himself and others moving forward," said Ryan Holly of Defy Ventures.

Caramadre found loopholes in annuity insurance policies that allowed investors to use annuitants, who were not related to them, to become the beneficiaries in case of death. While that practice was legal, both Caramadre and Raymour Radhakrishnan convinced terminally ill patients to fill out detailed annuity applications with death benefits, even though, according to the government, the terminally ill patients didn't realize what they were doing.

Caramadre pleaded guilty to defrauding terminally ill patients and forgery, three days into his trial. He later tried to withdraw his plea, but after lengthy hearings, the judge and the 1st Circuit Court of Appeals in Boston denied his change of plea request.

Under the plea deal with the government, Caramadre and Raymour Radhikrishnan cannot be sentenced to more than 10 years in prison. But the federal judge can deviate from the plea deal.

A federal magistrate is recommending to the sentencing judge, Judge William Smith, that Caramadre pay $46 million in restitution.

Caramadre has a long list of investors.

One of those investors involved U.S. Rep. James Langevin who loaned money to a relative and that relative invested it with Caramadre.

  • NBC 10 I-Team

  • Fraud and Waste Hot Line

    Trust the NBC 10 I-Team to uncover waste and fraud in Southern New England.

    Have a story the NBC 10 I-Team needs to know about?

    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 by I-Team reporters Jim Taricani and Gary Scurka, 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.