Who’s on first? If you want to split hairs the Illinois Funeral Directors Scam fund can’t be regulated. This is thanks to the now Senator Roland
IFDA Preneed Fund was never set up as a proper fiducary trust.
It was never set up as a fiduciary trust. Burris was the guy who gave the original license when he as Comptroller of the State of Illinois. .The Illinois Funeral Directors Association acted as a Bank Illegally, raiding the fund year after year for personal perks, loans to board members, and Ex IFDA President Randal L Earl’s pet project, the Museum of Funeral Customs.Incredibly, Randall L Earl, Named in almost every lawsuit in this Scam is the National Funeral Directors Association Executive Treasurer. He will testify before Congress on behalf of the NFDA Wednesday.
This is not just a State of Illinois Problem. It is a National Problem courtesy of Earl and the NFDA.
The politicians knew the fund was illegal For years………
Bruce Rushton Of the State Journal Register(Springfield, Illinois) put up an article displaying some finger pointing between the Illinois Department of Professional Regulation and The Illinois Comptrollers Office.
The bottom line is that the Illinois Funeral Directors Association Preneed Fund is illegal and their President”s and Board members have all known it was the case since the beginining.
“Snippet From the latest State Journal Register Article”
The funeral directors’ group itself had long known it was operating an unauthorized trust, Knowles said, citing a 1996 letter from the association’s lawyer to the IFDA’s executive director in which the attorney says the comptroller’s office no longer licensed trustees. If the IFDA continued managing the money, the lawyer wrote, it could be liable for losses if the fund’s value plummeted and consumers sued, alleging that the association was acting as trustee without proper authority.
Funeral Directors only became upset and filed lawsuits when the money tree ended.
Funeral Directors in the state only became upset when the “Better than the Bank Money Tree” Tanked. The (Dan Hynes) comptrollers office told the IFDA “You should not have been given a license in the First Place” in early 2008. Funeral directors in the state received that statement in a media kit from the IFDA. I have faxed a copy of the kit to Bruce Rushton. Rushton and the SJR keep pounding the fact that the IFDA Mess is Comptrollers(Hynes) Fault and his regulation mistake. . It is not the case.
Responsibility for the mess belongs to the IFDA and funeral directors in the State for not keeping tabs on IFDA Leaders..
Funeral industry|Funeral Blog by Your Funeral Guy
This is important in the race for governor in the State Of Illinois.