Illinois Funeral Scam|hearing for Investment adviser postponed-YourFuneralGuy

25 Aug

Hearings in the Illinois Funeral Scam have been postponed and postponed  again

Hearings in the Illinois Funeral Scam have been postponed and postponed again

The hearing for the Investment Adviser in the Illinois Funeral Directors Asscoiation funeral scam have been postponed  again.

At the core of the Illinois Funeral Directors Association Preneed Ponzi Scheme were the key guy life insurance policies that were sold to the IFDA, Illinois Funeral Directors Association by Edward Schainker, a Merrill Lynch agent.

Last fall Losses in the trust fund were estimated to be at 59 million. But now they have ballooned to over 100 million.

Snippet from the State Journal Register newspaper in Springfield, IL.

“Edward Schainker, who provided investment advice to the Illinois Funeral Directors Association, was originally scheduled to appear at a May hearing to fight the secretary of state’s suspension of his license to work as an investment adviser. At Schainker’s request, the hearing was postponed until July 28, and has been postponed again.

The new hearing is scheduled for Nov. 2.”

This is indeed the problem when you turn to the courts to  settle scandal: Hearings and investigations are postponed and postponed again.

Funeral Industry|Funeral Blog by Your Funeral.

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