Wednesday, August 28, 2013
As I have previously discussed, National Prearranged Services ran a massive Ponzi-like funeral scheme, which defrauded customers out of over $600 million. The company’s former CFO and former lawyer face prison sentences and its former investment adviser will now join them.
David R. Wulf, 60, has been convicted of bank fraud, wire fraud, and conspiracy and will be sentenced on November 7. Wulf was responsible for protecting and investing the over $150 million customers paid the company for prearranged funeral contracts. However, Wulf instead “authorized the use of trust funds to pay unrelated debts of companies affiliated with NPS, to enrich his co-defendants and to ultimately perpetuate a Ponzi scheme that spanned more than 12 states and affected thousands of customers.”
See Allison Sylte, Man Convicted of Fraud for Funeral Ponzi Scheme, KSDK, Aug. 22, 2013.