Akron funeral director admits taking prepaid burial funds
Article from Buffalo News:
An Akron funeral director who was convicted nearly five years ago of embezzling more than $ 175,000 from an elderly Lancaster widow admitted Monday that he took more than $ 74,000 in prepaid burial funds from 15 customers and that he used the money to buy cars and fancy clothes.
Under state law, he was required to deposit the funds in trust accounts.
Paris J. Childs, 54, of Eckerson Avenue, former director of the Childs Funeral Home, pleaded guilty as charged in State Supreme Court to four counts of third-degree grand larceny and single counts of first-degree falsification of business records and first-degree scheme to defraud.
He also admitted violating the probation sentence he received in January 2010 for embezzling money from the 85-year-old widow over a three-year period.
The thefts of the $ 74,250 in burial funds occurred between March 22, 2006, and Nov. 18, 2013, according to Erie County District Attorney Frank A. Sedita III.
Sedita said Childs’ conduct was especially disturbing because he used his position as a funeral director to take advantage of the most vulnerable people – the elderly and people going through the grieving process…………………continues on Buffalo News
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Related News:
$ 200 Billion Spent on Prepaid Cards in 2014
Article from LowCards.com:
Prepaid cards saw a big spike after the economy took a downturn a few years ago, and now we are starting to see the effects of that spike. By the end of 2014, the total money spent on prepaid cards in the U.S. will reach $ 200 billion.
The current stats on prepaid cards represent debit cards, payroll cards, open and closed-loop gift cards, and open and closed-loop consumer incentive cards. These are offered through stores, banks and credit card companies.
Some of the biggest growth in recent years has come from incentive cards. For example, Nissan offers a $ 50 prepaid card for people who take their vehicles out for a test drive.
Payroll cards have also grown since they are convenient for employers and employees alike. The only downside is the fees that come with them.
Madeline Aufseeser, a senior analyst at the financial technology consultancy Aité Group, said, “It has become a mass market product. Twenty-three percent o…………………continues on LowCards.com
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