McAuliffe Explains Investment in Caramadre Scheme

As I have previously discussed, Joseph Caramadrepled guilty to scamming the terminally ill. Virginia gubernatorial hopeful Terry McAuliffe invested $33,000 inCaramadre’s scheme, making him a profit of $47,000.

In McAuliffe’s 2009 financial disclosure statement,he failed to include any mention of the then-active investment with Caramadre.McAuliffe claims he was a “passive investor” unaware of any wrongdoings andthat he failed to disclose the investment on the advice of his accountants andlawyers.

McAuliffe has donated $74,000 to charity, whichsupposedly represents his earnings from the scheme as well as a campaigndonation from Caramadre.

See Laura Vozzella, McAuliffeDid Not Disclose Death-Benefit Investment, Washington Post, Oct. 14, 2013.

Specialthanks to Richard E. Mattersdorff(Attorney at Law, El Paso, TX) for bringing this article to my attention.