AP News

2 RI men to go to trial in $25M investment fraud


PROVIDENCE, R.I. (AP) — Two Rhode Island men are scheduled to go to trial for an alleged $25 million investment fraud in which they're accused of stealing the identities of several terminally ill people.

Joseph A. Caramadre and his former staffer, Raymour Radhakrishnan, are set to go on trial Tuesday in federal court in Providence.

The two men pleaded not guilty last year to a 66-count indictment on charges including conspiracy, identity theft, aggravated identity theft and money laundering.

They're accused of finding elderly and terminally ill people and opening accounts with them either by lying to them or using forged signatures. The accounts offered a death benefit, which they could then cash in when the person died or became incapacitated.


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