Funeral Service & Cremation 
Alliance of Wisconsin

Morgan Stanley had fired funeral association's investment adviser

17 Sep 2012 3:54 PM | Anonymous

One of two investment advisers working with the Wisconsin Funeral Directors Association, now under investigation by two state agencies for possible securities violations, was fired by Morgan Stanley earlier this year, federal documents show.

Documents from the Securities & Exchange Commission indicate Michael Hull, a broker and investment adviser with the Madison office of Morgan Stanley Smith Barney, was fired in late April involving allegations relating to his involvement "in outside investments that were not approved by the firm."

Hull and his brother, Patrick, were named in Dane County court documents filed last week. In the case, Dane County Circuit Judge C. William Foust appointed John Wirth as a receiver to take over operations of the funeral directors association after questions were raised about the solvency of a fund for prepaid funerals that may be $21 million short.

An estimated 10,500 people have prepaid funeral contracts with a trust account.

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