The U.S. Securities and Exchange Commission barred Edward L. Maggiacomo Jr. and Edward J. Hanrahan for five years, from working in the securities industry for five years for their roles as brokers in an investment scheme that exploited terminally ill Rhode Islanders.
scheme to steal and use the identities of terminally ill and elderly people to obtain $25 million in illicit gains.
A federal grand jury indicted another person, not a broker, who owned Estate Planning Resources, and his employee, Raymour Radhakrishnan, in 2011 on 60-plus counts, including conspiracy, mail fraud, wire fraud, identity theft, aggravated identity theft and money laundering related to a complex investment strategy that targeted dozens of people, many with only months to live.
Maggiacomo and Hanranhan were later identified as unindicted coconspirators for assisting Caramadre in securing the investments. They were expected to testify at trial. Prosecutors said Radhakrishnan is a person who misled the ill people, some on their death beds, into unwittingly signing documents. Those documents were then used to purchase investments on behalf of clients. Those investors profited upon the individual’s death or received a full return on their investment under the scheme.
Jeffrey Newman represents whistleblowers