Philanthropist lawyer gets six years in $46m fraud

Rhode Island lawyer Joseph Caramadre has been sentenced to six years in jail for a US$46m investment fraud in which he gave cash to dying people and then bought annuities which paid out when the victims died.

Rhode Island lawyer sentenced to six years in jail for investment fraud Evlakhov Valeriy

Mr Camadre told the individuals that he was giving them the money out of charity. But he would then get their details and use them to buy the bonds and annuities which paid him a sum on their death. He was also ordered by Judge William E Smith in Providence to 3,000 hours of community service with the terminally ill and elderly. In a strange quirk of the case, Mr Camadre pleaded guilty last year but tried, unsuccessfully, to change his plea a few months later. 'It's amazing to watch a defendant perjure himself by saying he committed perjury the first time,' said the judge. Source: Miami Herald.

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