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Illinois funeral leaders may be facing felony charges

Illinois funeral leaders may be facing felony charges

Leaders of the Illinois Funeral directors Association may be facing felony charges. This according to recent statements made by the Illinois Comptrollers office to a Springfield, IL Newspaper.

A court deposition by the former Illinois funeral Directors Association’s Trust Administrator revealed the same thing.

Some specific people are involved.

iStock_000002848648XSmallThe Former IFDA trust administrator, Karen Blankenship stated in a deposition in April That IFDA Leaders disobeyed the law.

From the State Journal Register in Springfield, Illinois.

“In response to questions during an April 1 deposition, Blankenship said she believes that if Hynes’ accusations are true, then association officials committed crimes.

“(Y)ou would agree with me this is a pretty simple statement?” asked Robert Foote, an attorney in a class-action lawsuit filed last year in Kane County on behalf of consumers who bought pre-need funeral contracts. “You can’t violate the act, it’s a felony if you do. Correct?”

“Yes,” Blankenship answered.

Hynes has said IFDA, which is not a licensed fiduciary, never should have had a license from the comptroller to administer the trust. That contention also was addressed in Blankenship’s deposition.

“And so if Hynes is right and the trust never — if IFDA Services Inc. never was a trust company, they violated the act,” Foote asked. “Correct?”

“If he’s right, yes,” Blankenship agreed.

“And they committed a felony,” Foote continued. “Correct?”

“I have to say yes,” Blankenship answered.

Dan Hynes is the Comptroller of the State of Illinois responsible for enforcing the applicable funeral law.

MORE INFORMATION ON THIS HERE:

Felony Charges a possibility in Illinois Funeral Fund theft

Funeral Industry| Funeral blog by Your Funeral Guy

HE IFDA LOGO COMES FROM E_MAILS TO YOUR FUNERAL GUY FROM THE IFDA.


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Friday, July 31st, 2009
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Merrill Lynch has apparently bought it's way out of the Illinois Funeral Scam

Merrill Lynch has apparently bought it's way out of the Illinois Funeral Scam

Merrill Lynch has paid their way out  of the Illinois Funeral Directors Association (IFDA) Mess. This is incredible. It appears they got off without any accountability in a 59 million funeral fund loss. This sort of thing is very common in the State of Illinois. Edward Schainker, a Merrill Lynch salesman close to the Scandal  is apparently the fall guy. He was fined $100,000.00 but faces another hearing with the Secretary of State in Illinois on July 21st, 2009.

According to the State Journal Register” Newspaper in  Springfield, IL.

Snippet:

“Merrill Lynch has agreed to pay $18 million to settle a case in which the financial firm is accused of selling imprudent investment tools to the Illinois Funeral Directors Association to fund a pre-need funeral trust fund that has spiraled into catastrophe.

It’s a record figure for the Illinois Division of Insurance, state officials say……This is an attempt to issue an $18 million get-out-of-jail-free card,” said Edward Wallace, attorney…”

According to the Stipulation and Consent Order, Merrill Lynch paid 18 Million for no admission of wrong doing,  no violation of law, no hearing and no more investigation by the Division of Insurance.

Here is the Link to the Illinois Deparment of Financial Regulation- Division of Insurance- Stipulation and Consent Order

So Merrill Lynch Pay’s for NO Investigation Play in IL Funeral Scandal.

Funeral Industry|Funeral Blog

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Mike Licht, NotionsCapital.com ‘s photostream


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