Hynes Spokesperson reveals more on IL Funeral Scam-YourFuneralGuy

24 Jan

A spokesperson for candidate Dan Hynes  Comptroller running for Illinois Governor responded to my blog Post today about the way the Comptroller handled the Illinois Funeral Directors Association (IFDA)Ponzi Scheme. In an E-Mail  Carol Knowles revealed significant Information.

THE  ILLINOIS FUNERAL DIRECTORS ASSOCIATION HAD 2 SETS OF BOOKS.

PART OF THE BLAME FOR NON -REGULATION  OF THE PONZI SCAM SHOULD GO TO THE ILLINOIS DEPARTMENT OF INSURANCE.

THE IFDA “AWARDED INTEREST BASED ON A WHIM NOT ACTUAL EARNINGS”

Your comments regarding the SJR
Comptroller Hynes was the one who forced this issue — forced the IFDA into proper regulation. You are criticizing him for having done the RIGHT thing.

From:
Carol Knowles <caknowles@xxx.com>

To: yourfuneralguy@yahoo.com

Hello,

I think you may have missed the point.
The IFDA issue is about the regulation of insurance policies and trusts.
Those regulatory matters are in the hands of the Illinois Department of Professional Regulation — NOT the Comptroller’s Office.
The regulation of the IFDA trust was no longer under the regulatory authority of the Comptroller’s Office beginning in the mid 1990s when the state law was changed.
The “license” the IFDA Trust had was to SELL preneed and it had been issued DECADES earlier. It was irrelevant because the IFDA DID NOT SELL preneed.
The Comptroller’s Office uncovered the problem, stopped the bad guys and moved to protect the trust by alerting the IDFPR.
The IDFPR could have and should have frozen the fund in 2006 when they were advised of the problem, but instead they chose let the IFDA try to qualify as a proper trustee. When that failed they told them to find an appropriate trustee. The IFDA fought regulators at every step of the way.
The “earnings” they reported to their members and/or consumers were fantasy numbers. They awarded interest based on a whim, not actual earnings. They paid various members off with $25,000 personal insurance policies. They essentially had 2 sets of books.
The IFDA began purchasing these policies in the mid 1980s — where was the Department of Insurance (part of the IDFPR)?
The IFDA was advised by their own lawyers in the mid 1990s that they needed to be regulated by IDFPR but they ignored it and operated without a proper trustee.
Bruce Rushton was given all of these documents but chose not to report all of the facts.
THIS IS VERY INTERESTING, SHE IS ACCUSING THE STATE JOURNAL REGISTER A SPRINGFIELD ILLINOIS NEWSPAPER AND  REPORTER BRUCE RUSHTON OF NOT REPORTING THE FACTS.

Note: THE IFDA SOLD PRENEED POLICY|IES THROUGH MEMBER FUNERAL HOMES.
The spokesman is shifting blame to other Illinois Governmental Agencies.
This is  all revealing and somewhat shocking.

Funeral Industry|Funeral News| Funeral Blog
Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: