CONSUMER ALERT: Prepaid funeral plan investigation
MILWAUKEE (AP) -- The state is investigating whether a prepaid funeral plan offered through Wisconsin Funeral Directors Association violated state securities laws.
Under the prepaid funeral plan, a consumer pays a local funeral director who sends the funds to the trust.
On Friday, a Dane County judge appointed a Milwaukee lawyer to take control of the association to protect an estimated 10,500 consumers who had money in the plan.
The Milwaukee Journal Sentinel reports (http://bit.ly/RVIoO0 ) the fund should have about $70 million in it, but documents indicate it's at least $21 million short.
Court documents identify the trust's investment advisers as brothers Michael and Patrick Hull.
On Friday, Michael Hull said they hadn't broken any laws. On Saturday, Hull declined further comment, saying he was working with an unidentified New York law firm.
AP-WF-09-16-12 2039GMT
