Funeral Service & Cremation 
Alliance of Wisconsin

Receiver cleans house after funeral association woes

03 Oct 2012 7:27 PM | Anonymous
The receiver for the Wisconsin Funeral Directors' Association and the Wisconsin Funeral Trust has replaced the group's executive director as well as the two brothers who acted as investment advisers for a prepaid funeral plan that might be $21 million short.

Milwaukee attorney John Wirth said Wednesday that he took those actions after being named receiver by a Dane County judge Sept. 14, amid concerns about the solvency of the trust fund for the prepaid funerals.

An estimated 10,500 consumers paid for the prepaid funerals. The plans were sold by funeral homes around the state, and the money was then turned over to the association. The state has alleged the funds were invested in what amounted to a high-risk hedge fund.

Wirth said he had hired Ziegler Lotsoff Capital Management LLC and its Red Granite Division to advise the trust on the best way to handle the prepaid funeral assets held by the trust. He said he made that decision to restore confidence in the trust in addition to strengthening and streamlining operations at the funeral directors' association.

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