Insurance Agent In Over His Head in Funeral Trust Case

Red flags flew for the Illinois Department of Financial and Professional Regulation when a trust designed to cover consumers’ funeral expenses plummeted by $50 million in less than two years. Former Merrill Lynch Life Agency agent, Edward L. Schainker was stripped of his insurance license and fined for violating insurable interest laws and failing to serve the interests of his customers. Get more details from Investment News here.

September 21, 2009 In: Uncategorized Comments (None)