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Showing Original Post only (View all)McAuliffe among investors in Rhode Island insurance scam that preyed on dying people [View all]
Ugh. Yeah I support McAuliffe. After all, his opponent is the wingnut extraordinaire, Cucinelli, but I've always thought Terry M. was a particularly sleazy creep.
Virginia gubernatorial candidate Terry McAuliffe was one of dozens of investors with a Rhode Island estate planner charged with defrauding insurers by using the stolen identities of terminally ill people, according to court documents filed Wednesday by federal prosecutors in Providence.
McAuliffes name appeared on a lengthy list of investors with Joseph A. Caramadre, an attorney and accountant who obtained the identities of dying people to set up annuities that ultimately cost insurance companies millions of dollars, the documents say.
The list also included the law firm of a former Rhode Island Supreme Court justice, a Roman Catholic monsignor, a former Cranston, R.I. police chief, and a bookmaker, according to The Providence Journal, which first reported McAuliffes investment Wednesday.
Federal court documents do not accuse McAuliffe of wrongdoing, and it wasnt clear whether he had made money or lost money on the investments. His campaign spokesman said McAuliffe was a passive investor who was deceived like many others. Spokesman Josh Schwerin also said that the campaign and McAuliffe donated sums to the American Cancer Society totaling $74,000 approximately the amount McAuliffe earned as a return on the investment and received in a campaign donation from Caramadre.
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Federal authorities say Caramadre, through his firm Estate Planning Resources, began developing products in the 1990s that used the identities of terminally ill people to purchase variable annuities from insurance companies. The annuities offered death benefits when those annuitants died. The investments which Caramadre allegedly made on behalf of himself, friends, family and others included returns of all the money invested and sometimes a guaranteed profit, federal authorities said
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http://www.washingtonpost.com/local/virginia-politics/mcauliffe-among-investors-in-rhode-island-insurance-scam-that-preyed-on-dying-people/2013/10/10/b7d937e0-3127-11e3-89ae-16e186e117d8_story.html