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19 Mar

Lawsuits are multiplying against the IFDA in their Ponzi Scheme

Lawsuits are multiplying against the IFDA in their Ponzi Scheme

Breaking News-March 19th 2009-The Chicago Tribune last evening posted an article on a new lawsuit against the Illinois Funeral Directors Association. This lawsuit came from it’s own insurer who do not want to cover fees and damages  for two lawsuits filed against the IFDA.

The IFDA mismanaged their preneed trust fund to the Ponzi Scheme tune of $59 Million USD causing harm to policy holders and member funeral directors alike.

According to the Chicago Tribune article:

‘If the court finds in favor of Federal Insurance, the association could be on the hook for any monetary damages that could result from the civil suits and the costs of defending itself. The insurer is represented by the Chicago law firm of Meckler Bulger Tilson Marick & Pearson.”

Problem is the  IFDA Services  has limited funds and cannot access the trust fund for it’s own purposes as it has in the past. The Cease and Desist order it has received from regulators  prevents the Illinois Funeral Directors Association  from keeping it’s own funeral museum open according to the New York Times.

That would mean a possible collapse of the IFDA and individual defense and damages would fall to the leaders.  Some leaders are listed individually in the six funeral directors lawsuit. Check out the listed defendants on the web. These are the folks that MADOFF with the money.

Lawsuits appear to be multiplying against the IFDA.  The Six Funeral Director Lawsuit  now available in internet pdf form. It is here

Funeral Industry|Funeral Cost Blog by Your Funeral Guy.