The scandal ridden Illinois Funeral Directors Association is seeking another trustee for it’s IFDA Preneed Trust Fund. This is what the brought the Ponzi Scheme in to the light in the first place.
The Comptroller of the State of Illinois took away the license of the State of the Illinois Funeral Directors Association to Manage the trust fund because the leaders of the IFDA were raiding the Fund for there own purposes. In the Fall of 2007 there losses 40 million, in fall 2008 59 million and now nearly 100 million.
At there Convention in June this summer there was talk(VENDORS) that the Illinois Funeral Directors Association will not be around next year. There is also rumors circulating about Illinois that The Six Funeral homes Suing(lawsuits) the state IFDA are starting there own funeral directors association called The IFSA. I have not confirmed the rumor bit. That said going with the New Association maybe just just a jump from the frying pan into the fire. Some say the Funeral Home leading the charge against the IFDA is deficient in Ethics.
This much is true The IFDA is Seeking a new Trustee, a bad sign for their survival. From an E-Mail From the IFDA:
IFDA E-News Bulletin
Aug 26, 2009
IFDA Seeking New Trustee
“Merrill Lynch Trust Company is working with IFDA to appoint a new Successor Trustee. Conversations have been established with four financial institutions to review the possibility of taking over as a new trustee. IFDA Executive Director, Duane Marsh, cautions, “This is a very complex undertaking but a necessary one if we are to provide the fund with long-term stability.”
The IFDA is not saying why they are seeking a new trustee, and why Merrill Lynch is not continuing as trustee.
This has been the way the IFDA has operated throughout the Scandal.
Sadly the press has not reported on these events. It is past the time that someone should speak up.
Funeral Industry|Funeral blog by Your Funeral Guy