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WESTERN RESERVE LIFE ASSURANCE CO. OF OHIO v. CONREAL LLC

C.A. Nos. 09-470 S, 09-471 S, 09-472 S, 09-473 S, 09-502 S, 09-549 S, 09-564 S.

715 F.Supp.2d 270 (2010)

WESTERN RESERVE LIFE ASSURANCE CO. OF OHIO, Plaintiff, v. CONREAL LLC, Harrison Condit, Fortune Financial Services, Inc., and Anthony Pitocco, Defendants; Transamerica Life Insurance Company, Plaintiff, v. Joseph Caramadre, Raymour Radhakrishnan, Estate Planning Resources, Inc., Estella Rodrigues, Edward Maggiacomo, Jr., Lifemark Securities Corp., and Patrick Garvey, Defendants; Western Reserve Life Assurance Co. of Ohio, Plaintiff, v. Joseph Caramadre, Raymour Radhakrishnan, Estate Planning Resources, Inc., ADM Associates, LLC, Edward Hanrahan, The Leaders Group, Inc., and Charles Buckman, Defendants; Western Reserve Life Assurance Co. of Ohio, Plaintiff, v. Joseph Caramadre, Raymour Radhakrishnan, Estate Planning Resources, Inc., DK LLC, Edward Hanrahan, The Leaders Group, Inc., and Jason Veveiros, Defendants; Western Reserve Life Assurance Co. of Ohio, Plaintiff, v. Joseph Caramadre, Raymour Radhakrishnan, Estate Planning Resources, Inc., Edward Hanrahan, and The Leaders Group, Inc., Defendants; Transamerica Life Insurance Company, Plaintiff, v. Lifemark Securities Corp., Joseph Caramadre, Raymour Radhakrishnan, Estate Planning Resources, Inc., and Edward Maggiacomo, Jr., Defendants; Western Reserve Life Assurance Co. of Ohio, Plaintiff, v. Joseph Caramadre, Raymour Radhakrishnan, Estate Planning Resources, Inc., Harrison Condit, and Fortune Financial Services, Inc., Defendants.

United States District Court, D. Rhode Island.

June 2, 2010.

Attorney(s) appearing for the Case

Brooks R. Magratten, Michael J. Daly, Pierce Atwood LLP, Providence, RI, David E. Barry, Pierce Atwood LLP, Portland, ME, for Plaintiffs.

Robert G. Flanders, Jr., Matthew H. Parker, Hinckley, Allen & Snyder LLP, Providence, RI, Jeffrey S. Brenner, Nixon Peabody LLP, J. Scott Kilpatrick, Chisholm Chisholm & Kilpatrick LLP, Deming E. Sherman, John B. Rosenquest, III, Edwards Angell Palmer & Dodge LLP, R. Daniel Prentiss, R. Daniel Prentiss, P.C., Joseph V. Cavanagh, Jr., Mary C. Dunn, Blish & Cavanagh, LLP, Anthony M. Traini, Providence, RI, Eric S. Giroux, Hinckley, Allen & Snyder LLP, Boston, MA, Douglas J. Friednash, Greenberg Traurig, LLP, Denver, CO, for Defendants.

OPINION AND ORDER

WILLIAM E. SMITH, District Judge.

In these cases, Plaintiffs Transamerica Life Insurance Company ("Transamerica") and Western Reserve Life Assurance Company of Ohio ("Western Reserve") claim they have been defrauded in an annuity scam. Plaintiffs allege that Defendants found a way to use variable annuities as a vehicle for riskless speculation in securities. The key to the scheme was recruiting terminally—ill people as annuitants...

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