Greed and Betrayal | Illinois Funeral Scam-YourFuneralGuy

14 May
The Illinois Funeral Directors Association has lost the trust of it's members, the public and now the State Government. Greed and betrayal is the cause says the Illinois Comptroller. Illinois State Capitol Pictured.

The Illinois Funeral Directors Association has lost the trust of it's members, the public and now the State Government. Greed and betrayal is the cause says the Illinois Comptroller. Illinois State Capitol Pictured.

The State of Illinois Comptroller has brought down the hammer in the Illinois Funeral Directors Association Scandal. The regulator has issued a must repay the letter, to the IFDA requiring the repayment of 10 million dollars to the IFDA Preneed Trust  The Trust is now  managed by Merrill Lynch.

It does not appear that the Illinois Funeral directors Association has the money($10 million dollars) but since the Associations Finances are a closely guarded secret we do not know. Those finances are held close to the vest by both IFDA Board members and the State of Illinois Comptrollers Office. IF THE IFDA FAILS MUCH OF THE  PRENEED FUNERAL INDUSTRY IN ILLINOIS may under go too quick of an overhaul.

The Illinois Comptrollers office, the Secretary of State in IL., and the Illinois Department of Financial and  Professional Regulation all are doing Investigations. There are rumors of a Grand Jury Investigation.

Summary from the Comptrollers Press Release:

Illinois Funeral Directors Association to repay 10 million.SPRINGFIELD, IL — Comptroller Dan Hynes is demanding the return of nearly $10 million in excess fees taken by the Illinois Funeral Directors Association in its administration of a trust fund intended to pay for consumer funerals.

Greed And Betrayal

“The IFDA was overcompensated by the trust,” Hynes said. “These excess management fees are a display of greed and a betrayal of the consumer trust that will not be tolerated. I am demanding that IFDA return the excess fees to the trust.” Hynes said his office found a significant shortfall in the IFDA Trust due in part to questionable investment practices and the excess fees taken by the IFDA. As a result of that discovery, Hynes’ office brought in outside auditors to review the findings and notified appropriate authorities.”

Sadly it appears that the the Illin1os Funeral Directors Association has lost the trust of State Government, it’s members and the Citizens of the State of Illinois.

Funeral Industry|Funeral Costs blog by Your Funeral Guy.

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