Another Conviction in Funeral Ponzi Scheme

As I have previouslydiscussed, National Prearranged Services ran a massive Ponzi-like funeralscheme, 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 beenconvicted of bank fraud, wire fraud, and conspiracy and will be sentenced onNovember 7.  Wulf was responsible forprotecting and investing the over $150 million customers paid the company for prearrangedfuneral contracts.  However, Wulf instead“authorized the use of trust funds to pay unrelated debts of companiesaffiliated with NPS, to enrich his co-defendants and to ultimately perpetuate aPonzi scheme that spanned more than 12 states and affected thousands ofcustomers.”

SeeAllison Sylte, Man Convicted of Fraud forFuneral Ponzi Scheme, KSDK, Aug. 22, 2013.