Missouri funeral contract exec sued under RICO.
The AP (8/10) reported that Randall Sutton, president and CFO of defunct Missouri funeral contract company National Prearranged Services Inc., "is facing federal fraud charges in an alleged scheme to loot hundreds of millions of dollars from customers' prepaid funeral accounts." Sutton "is among 45 defendants named in a civil racketeering, fraud and fiduciary negligence lawsuit filed Thursday in federal court in St. Louis against officials of National Prearranged Services, its insurance affiliates and various banks, law firms, auditors and investment advisers connected to the consortium of companies.
The lawsuit "was brought by Donna Garrett, the deputy receiver appointed to administer the companies after their failure, and by groups representing the insurance guarantee funds of about three dozen states. It seeks an unspecified amount of damages, which plaintiffs attorneys said Monday could surpass $1 billion."
