Here is part 2 of the response from|on some of my blogs on the Illinois Funeral Directors Association Scandal involving the IFDA Preneed Trust from
MarsellusM710. These are not the opinions of Your Funeral Guy
Funeral Industry|Funeral Blog by Your Funeral Guy
Dear Funeral Guy,
It has been along time since we’ve had a chat. With all of the “special events” going on here in the Land of Lincoln, IFDA Trust, NPS, Burr Oaks, Mr. Hynes running for Governor, (the man can’t run his own office and wants the run the entire State, what a hoot!), I have been busy taking care of families and trying to enjoy my own, that I just haven’t had time to talk………
I would be very careful about accusing IFDA of “stealing” millions of dollars. You should probably direct that to the Merrill-Lynch financial advisory team and those at involved on the IFDA Board(s) in the know at the time. Have you checked out the Wexler-Wallace website lately? One can find out a lot at that website.
Fourth, The press hasn’t forgotten about anything. There simply isn’t anything to report right now. Word has it that depositions are ongoing and Schainker & Co. have a date with the Secretary of State’s Office soon in regards to his securities license. Sources say that too will settled and resolved to the States satisfaction through negotiations as happened with the Illinois Dept. of Insurance recently.
While it may seem that I have grown soft on IFDA I do see an effort to change the association or at least give it a chance to. While IFDA has some health issues, it ain’t dead yet. It has a way to go to become the healthy and honorable institution it once was, the new guys are making an effort to reach out and communicate and listen to the members.
It has been a year now since the hatchet dropped on us with the write-down of the Trust accounts. To sit and read the ledger sheets of how each account was taken for 25% of its value, and an unknown 9% coming at the end of October, was gut-wrenching at best. Most of us just want to get on with life, we are dealing with the loss on accounts as they come. Some are trying to figure how to retire without losing too much and some will never see retirement and will work until they die or are forced to retire.
It took time for the problems at IFDA to come out. The obstructionists and charter members of the “secret society” as I have called the former Board(s), are gone for the most part. I predict that with careful planning and membership electing key people to Board seats, IFDA will emerge as an honorable and shining star for funeral service.
There are two lawsuits before IFDA that could be the death of the Association, should they lose.
I am still watching carefully as best I can what is happening and going on at IFDA. It belongs to us members. Even if it would collapse due to judgement in Court I feel it would simply reorganize and thrive.