Revealed Now Federal Investigation of Illinois Preneed Funeral Ponzi-YourFuneralGuy

17 Jul

The US States Attorney In Springfield, Il is investigating the Illinois Funeral Directors Association

The US States Attorney In Springfield, Il is investigating the Illinois Funeral Directors Association

A federal investigation is underway in the Illinois Funeral Directors Association Preneed Ponzi Scheme. Funeral Directors claim that the fund has lost 1oo million dollars since 2001. Some Funeral homes stand to loose millions due to the scheme. The fund is the IFDA Preneed trust and Merrill Lynch (MLBOT)became the Trustee last fall.

Up to now there have been multiple lawsuits in the matter and regulators in the State of Illinois have been investigating. With the Federal Investigation IFDA leaders who took money out of the fund, and misused the folks money should be quite nervous. Those that  lied to the IFDA Membership about the value of their assets should be talking to theirlawyers.

The 40-59 Million loss in 2008, is where the crime occurred before the markets crashed. Using folks funeral money for  the Museum of Funeral Customs and IFDA PERKS  is despicable. Falsifying the value of the fund to the membership is  likely “FRAUD.”

Some Funeral Homes may be forced out of Business entirely. Sadly Funeral prices for the average working stiff have been raised to compensate losses.

The Ponzi part of the scheme had to do with less than normal investments,  key man insurance purchases, perpetuated by Merrill Lynch.

From the State Journal Register in Springfield, Il

The U.S. attorney’s office in Springfield has issued a subpoena to the state comptroller’s office demanding all records relating to the pre-need funeral trust fund once administered by the Illinois Funeral Directors Association. Carol Knowles, spokeswoman for comptroller Dan Hynes, said the comptroller has complied with the subpoena, which was received in late March.

Potential targets aren’t clear from the subpoena.”


Funeral Industry|Funeral Blog by Your Funeral Guy


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