Funeral Service & Cremation 
Alliance of Wisconsin

$21 Million Shortfall Leads to Takeover of Wisconsin's Association

20 Sep 2012 12:06 PM | Anonymous

The Wisconsin Department of Financial Institutions and Department of Justice discovered a shortfall of at least $21 million in the Wisconsin Funeral Directors Association’s preneed trust.

The Honorable C. William Foust, a Dane County Circuit Court judge, has appointed attorney John M. Wirth to take over the association’s assets, including its Wisconsin Funeral Trust. Almost 500 funeral homes and more than 10,500 investors have preneed contracts tied to the trust.

The trust reported to the Department of FinancialInstitutions that as of July 31, it owed consumers more than$69 million including their guaranteed rate of return, but it had $48 million in its portfolio.

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