An estate planning lawyer and one of his employees fraudulently made more than $30 million by making investments in the names of people who were terminally ill with ailments such as cancer and Lou Gehrig's disease, a federal prosecutor said during his opening statement at the pair's trial Tuesday.
Prosecutor Lee Vilker told the jury that Caramadre bragged he had discovered a loophole in variable annuities and so-called "death-put bonds," both of which offer a benefit if the owner dies.
"It's not a loophole if you have to lie to get it," Vilker told the jury.
Both men have pleaded not guilty.
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Trial Opens for 2 Accused of Defrauding the Dying