There have been recent developments in the Illinois Funeral Directors Association Ponzi Scheme. The IFDA thinks they are going to have a new trustee. Now let us put this in perspective. The Association has been trying to get an approved permanent trustee for the IFDA Preneed trust for 3 years since 2007, it has not happened. What makes them think it is going to happen now? A new trustee would have to be approved by a regulator. The Illinois Funeral Directors Association has a long history of not cooperating with the regulators in their state.
The new folks the IFDA are proposing to be the trustee is Fiduciary Partners Inc. This is much smaller outfit than Merrill Lynch and is located in Appelton, Wisconsin.
The six funeral directors suing the IFDA, have filed an amended complaint around the the Illinois Department of Insurance’s Revised Consent order on a $18 Million dollar settlement between the State of Illinois and Merrill Lynch. As one may expect the lawsuiting Funeral Directors do not want a limit on amy potential settlement You will not find any sympathy here for the six Illinois funeral Directors suing the IFDA in Calvert Funeral Homes LLC et al. These folks only complained and filed their lawsuit when the Trust Fund Tanked and they were not receiving their high commissionson the Pre need Trust Funds
In the past week, there were two new developments involving the Illinois Funeral Directors Association Preneed Trust Fund. First, six Illinois funeral directors have filed additional counts to their class action complaint in Chicago Circuit Court challenging a revised consent order issued by the Department of Insurance which amounts to an $18 million settlement between the state and Merrill Lynch Life Agency for its role in the state’s ongoing preneed trust fund debacle. The complaint calls the order ambiguous and said it raises more concerns than the original document that was declared unlawful earlier this year. Also, the IFDA is recommending Fiduciary Partners Inc. as a new trustee of its preneed trust fund, essentially replacing Merrill Lynch Bank & Trust Co. as interim trustee.
Note the Memorial Business Journal is a Publication targeted at Funeral Directors and does not publish with both the funeral consumer and the funeral director in mind. The premier place in the world that does that are the Your Funeral Guy Blogs.
Funeral Industry Funeral News Funeral Blog by Your Funeral Guy
Your Funeral guy has been blogging on the Illinois Funeral Director Scandal Since 2007 . Between February 2008 and January 2009 Your Funeral Guy was the only one reporting on this scandal.