September 2, 2014
PROVIDENCE, R.I. (AP) - Two men accused of stealing the identities of terminally ill people and using them to reap $30 million from insurance companies and brokerage houses have pleaded guilty with their trial already under way.
Lawyer Joseph Caramadre (cah-rah-MAH'-dray) and his employee, Raymour Radhakrishnan (rah-dah-KRISH'-nahn), pleaded guilty Monday in U.S. District Court in Providence to wire fraud and conspiracy. They each face a 10-year prison sentence under a plea agreement. Sentencing is scheduled for February.
Prosecutors say they took out variable annuities and so-called "death-put" bonds that would pay out when a person died. Authorities say they lied to terminally ill people to get personal information that was used to purchase bonds and annuities in their names without consent.
Their trial began last week.