Man Convicted in Funeral Ponzi Scheme

David R. Wulf, 60, was convicted on 18 counts of fraud for his involvement in a Ponzi scheme that defrauded customers of the National Prearranged Services out of over $600 million.  The charges included bank fraud, wire fraud, wire fraud affecting a financial institution, and conspiracy.  Wulf’s case was one of the largest frauds ever prosecuted at the federal courthouse in St Louis.  The documents filed by prosecutors during this thirteen day trial included a 213 page exhibit list.

Wulf, who was an investment advisor to National Prearranged Services Inc, was responsible for protecting the trusts’ assets and investing.  While holding this position, he authorized the use of trust funds to pay unrelated debts of companies affiliated with NPS which enriched his co-defendants.  The Ponzi scheme spanned 12 states and impacted thousands of customers.

Initially six former officials were accused of defrauding customers of the company including the principals of NPS, Doug Cassity and Brent Cassity.  In the weeks leading up to the trial, all of the defendants pleaded guilty except for Wulf.

David Wulf’s sentencing has been scheduled for November 7, 2013.  Each count of bank fraud, conspiracy, and wire fraud affecting a financial institution, carries a penalty of up to 30 years in prison.  The wire fraud charges each carry a maximum sentence of 20 years.

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