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Revealed Now Chicago|Style Back Room Deals IFDA Preneed-Your Funeral Guy.

14 Mar

 Illinois Funeral Directors Ponzi Scheme. Chicago Style Back room meetings stopped on Friday, the 13th.

Illinois Funeral Directors Ponzi Scheme. Chicago Style Back room meetings stopped on Friday, the 13th.

Breaking News–  A series of  Chicago style backroom meetings have  happened on the IFDA Preneed  ponzi scheme. No funeral consumer stimulus  or help here.  The First Meeting, occurred on Wednesday March 11th, IFDA Board Members, Regulators, 12 Funeral Directors and Merrill Lynch Personnel were involved. The Comptrollers office called the meeting, and  Michael T. McRaith, Secretary of the Department of Financial and Professional Regulation in the State of Illinois called the meeting to order.

Evidently there have been more back room “events“with State Regulators following that meeting. That all seemed to finish late on Friday meaning most in the press would not get information in time for weekend publications. Information from the IFDA is sketchy as always.

Information from Illinois Funeral Directors Association is clear on this: FUNERAL DIRECTORS in the STATE of ILLINOIS WILL HAVE TO PAY for the Ponzi Scheme of the IFDA.

This will create upward pressure on the average cost of a funeral.

The IFDA still is not taking resonsibility for it’s actions.

Here is one E-mail  I received from the IFDA on the matter.

“IFDA Special Report
Mar 13, 2009

Update on IFDA Pre-Need Trust Program

Intense meetings with state regulators over the past three days have resulted in significant progress in the development of plans to deal with current trust issues. It was strongly suggested that with all participating IFDA Pre-Need Trust program funeral directors working together, a solution could be reached that while not providing 100 percent recovery, would likely lead to substantial relief.

Additionally, the pre-need department will assist in the development of operational procedures that will allow funeral directors to fully explain and administer the elements of the program to their pre-need customers.

Funeral directors must be willing to provide all guaranteed and non-guaranteed customers with the full service called for in their contracts. By meeting this requirement, funeral directors may be eligible to participate in the relief program.

We will keep you posted on additional progress.”

This is a very sad scenario.

THERE ARE NO CONCRETE PLANS IN PLACE TO NOTIFY NON GUARRANTEED  PRENEED POLICY HOLDERS OF THEIR LOSSES.

It does not appear that these policy holders who purchased there contracts in good faith will receive any written guarrantees.

The Funeral consumer continues to suffer inspite of Chicago style Back Room Meetings.

Funeral Industry|FuneralCost Blog by your Funeral Guy-R.Brian Burkhardt



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