The State of Illinois is now in the Funeral Business. They are now in control of part of the funds that funeral directors in the State of Illinois receive when they do a funeral for one of their clients.
The Comptroller of the State of Illinois and the Department of Professional Regulation now will control disbursements of 18 Million Dollars in a fund established by a settlement from Merrill Lynch.
It does appear that Merrill Lynch ethically bribed their way out of the mess. See “Merrill Lynch pays for no Investigation Play in IL Scandal”
“Illinois Division of Insurance acts to protect 47,000 IFDA Illinois consumers, reaches $18 million resolution with Merrill Lynch Life Agency
Insurance regulator also revokes license of MLLA agent who developed, marketed and sold scheme to IFDA”
it was stated that: “By the terms of the Order, MLLA is required to pay $18 million plus costs into a special fund which will be held in escrow and subject to strict distribution guidelines controlled by Director McRaith and Comptroller Dan Hynes.”
So the State of Illinois now is in the business of disbursing Preneed Funeral Funds that funeral directors sold to their clients. This is all due to the 59 Million Loss in the IFDA ( Illinois Funeral Directors Association) Ponzi Scheme.
It is like they took a page out of the Geithner, Obama Play book.
Funeral Industry|Funeral Blog by Your Funeral Guy.