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Prepaid Funeral Scam

Recently, a Missouri man and five others were sentenced to federal prison for their role in a Ponzi-like prepaid funeral scheme that victimized some 97,000 customers in more than 16 states. The scheme caused more than $450 million in losses, smaller or non-existent death benefits for families at their most vulnerable, and huge profits that lined the pockets of the defendants.

Prepaid Funeral Scam

Casket and flowersScamming nuns. Taking advantage of the mentally disabled. Stealing from the elderly. Just when you think con men couldn’t sink any lower, they do: This time, a group of fraudsters took money from individuals who prepaid their own funerals to ease the financial and emotional burdens on their families.

Recently, a Missouri man and five others were sentenced to federal prison for their role in a Ponzi-like prepaid funeral scheme that victimized some 97,000 customers in more than 16 states. The scheme caused more than $450 million in losses, smaller or non-existent death benefits for families at their most vulnerable, and huge profits that lined the pockets of the defendants.

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Jan 17, 2014 05:00 PM