Merrill Lynch IFDA investigation points to Funeral Leaders-YourFuneralGuy.

17 Apr
It appears that Funeral Leaders in Illinois Did Not Follow The LAW.

It appears that Funeral Leaders in Illinois Did Not Follow The LAW.

A Merrill Lynch Investigation points to funeral leaders in the Illinois Funeral Directors Association alleged Ponzi Scheme. Two Investigations are going on one  The legal implications apply to IFDA Services, Inc and IFDA Capital, Inc. organizations connected to the not for profit Illinois Funeral Directors Association.  Apparently the leaders of the IFDA continued and  apparently are continuing to pay premiums for life insurace Investments. Policy holders were not notified of these investments as required by Illinois Law (Section 4a.d of the Illinois Funds Act).

The Secretary of State of Illinois, firmly states in  a hearing notification to a Merrill Lynch salesman Edward Schainker that:

” 39.Neither IFDA Services Inc, the IFDA Preneed Trust, Schaincker, nor anyone else provided notice or obtained the permissions of purchasers of Preneed Contracts before their funds were invested in the insurance contracts described above.”

IFDA leaders who  apparently did not  Follow the LAW are  Charles S Childs, Jr, Geoffrey W Hurd and Randall L Earl. These are the ones mentioned previously in this blog, there are many more.

All three individuals are public leaders as Ex IFDA Presidents have been mentioned in the press and the  IFDA lawsuits.

Childs at the Spring field, IL  State Journal Register, Hurd in a Galesburg, Il paper, and Randall L Earl in a funeral magazine.

Randall L Earl is  the Executive Secretary of the National Funeral Directors Association– NFDA – a national  figure.

The lesson here is that Funeral Directors must be held to transparancy, not translucency by the consumer.

Funeral Industry|Funeral Costs Blog by Your Funeral Guy.

FYI- a Chicago Law Firm is also investigating this matter, view the investigation at their blog.

For the integrity of Funerals in the United States Christine Pepper CEO of the NFDA needs to ask Randall L Earl to resign.

One Response to “Merrill Lynch IFDA investigation points to Funeral Leaders-YourFuneralGuy.”

  1. marsellusm710 April 18, 2009 at 8:45 pm #

    Funeral Guy and Friends,
    So that everyone out here in blogosphere can get a handle on the Derivative Law Suit filed by Calvert et al., I highly recommend they read it in its entirety. It is a simple read for a legal doc, without the deep legal jargon, in all of its 60 some pages. It is available online and should be able to be accessed through the Cook County Circuit Clerks Office, or any IL FD in the know about this debacle, who might just have available in his/hers doc file.

    It behooves me as to why some Media outlets have not mentioned the defendants by name, community, and Firm, as not to harm the integrity of associate partners. Most media outlets are happy to “kick ass and take names”, tar and feather whom they can. I personally feel some, and they are few, of the defendants where in the wrong place at wrong time, ie sitting on the Board, and not really having been in place long enough to be in the know, OR did fight and argue to bring issues to the forefront when they served. The rest of the rotten bastards should be fed to the lions as far as I am concerned and a few others could join them. But that is the beauty of a Derivative Law Suit, pick and chose to include or dismiss as evidence is gathered.

    As the rest of you know I have no love for Mr. Earl. I strongly feel that NFDA should hold him back from succession through the chairs until this mess is cleared up and what role he had in the IFDA Disaster. Mr. Schainker IS being held accountable by the IL State regulators that issue his license to practice. The Secretary of State, Division of Securities (my hat goes off to Mr. Jesse White, SOS and his team of investigators at the Securities Office) has his ass nailed for the simplest of infractions and the violation of one of the Ten Commandments of IL insurance law.

    I sure wish the IL Dept of Finance and Professional Regulation had the testicular fortitude to start asking questions of the defendants named in this Lawsuit. (Ethics and such) Oh, wait a minute…I don’t think that will begin to happen just yet…I think that there is a POSSIBLE CONFLICT that a Mr. Charles Childs, Jr. who sits on and IS (YES!, I have confirmed via IDFPR website), THEE Chairman of the Funeral Directors and Embalmers Licensing and Disciplinary Board through the IDFPR. Here is another resignation that should be asked for!!! Illinois folks call your State Representatives and Senators. Don’t think for one minute that the potential “Race Card” couldn’t be played here. Mr. Childs is of African American decent, and well connected in “The community”, in Chicago both politically and socially. Appointment to the IDFPR FD/EMB Disciplinary Bd. is by political appointment usually by the Governor. (Blago???) Trust me, there are A.A. firms injured by the Trust,

    IFDA Membership is going to suffer from clogged bowel syndrome. Shit ain’t gonna happen until certain procedures are in put in place so it does happen. In an earlier comment of an article, I said ‘funeral service needs a good enema”, and it can start right here with the removal of Mr. Earl and Mr. Childs. Some others that really need to go are two characters named Brent Davis and David McReynolds, Chronic holders of offices at IFDA (yes, elected by the membership to Regional Director seats, but have managed to get appointed to Executive Boards at IFDA) (Executive Board = policy control freaks) These two gentlemen specifically have been on or a part of the Board since the Trust issues evolved under Mr. Earl’s reign.

    One has to wonder if these guys (most of them) run their funeral homes under the same management style as they did IFDA, or did their partners / families ask them to get on the Board as to let them go to Springfield and stay out of their way. (go screw something else up instead of their firms).

    There are so many things that have to play out here. Specifically the Derivative Lawsuit filed by the Calvert Group, Schainker’s hearing, and just what will the Regulatory Agency ie. IDFPR do as far as letting these folks continue to practice in funeral service IF they are committed of wrongdoing or guilt by association or total and absolute vindication. We will have to see what Mr. Schainker does. He is the moneyman here. Mr. Ninker, former IFDA Exc. Dir. has supposedly via the grapevine, been diagnosed with memory loss / dementia, and won’t be of help with what he knew and who knew what. I hope there is no out of court settlement. The ONLY way we will ever publicly know who knew what is to have them questioned under oath in a Court of Law.

    I think Mr. Schainker will spill his guts on the whole operation as to whom received “favors” (money via kickbacks, gifts in kind, etc.) He is not going down alone with this. One wonders if the First Ladies of IFDA played apart in this whole trust debacle??? You know, the wives, both current and former. Could they have possibly received “favours”??? Paul Dixon, Immediate former Ex. Dir. of IFDA, will be another good testimony to hear. The depositions should be awefully juicy too.

    If I sound/read like I have an ax to grind or break off in someones ass, I kind of do. As I have stated before, I am sick of the double standard in funeral service, and other fields. It used to be that men and women of integrity when accused of wrongdoing would step aside until issues at hand or accusations were cleared up.
    If cleared of wrongdoing or found innocent of charges against them they were allowed back into their position(s) by appointment or vote and life continued on. Not with these guys. They all have been asked to resign from the Board of IFDA as I understand it, and new appointments be made until elections could be held. (I’m sure THEIR atty. has found some fustercluck in the by-laws and constitution of IFDA that wouldn’t allow that to happen. I may sound old school, but I was raised to to the right thing, or suffer the consequences of my action to do otherwise. I would like to see the new Ex. Dir., Mr. Marsh have an opportunity to turn things around and try to salvage what is left of what was a great institution in funeral service.. As long as the “ball and chain” of this Board hangs on, he will not be able to move forward and everyday that goes by more firms lose interest is staying as members. Maybe IFDA Members need to have their own “TEA PARTY” IFDA HQ in Springfield, so to speak.

    Lastly, your comment about being ‘Transparent”. The best line about being transparent comes from our illustrious IFDA Pres. Mr. James Bosma.
    He stated several times to us peon members of IFDA that he and the other members of the “Secret Society” (Board) so despise these days, That he and the Board would be”Open and Transparent” about the on goings of the Trust in its final days and beyond to the “lucky new administrator”. For that, I would like to give the best line of Bullshit award.

    I truly wish more of you folks and maybe even the accused (snicker) would comment. It is healthy to speak ones peace. Thanks Funeral Guy for the opportunity.

    Later My Friends,

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