Here is a twist on the “Another theft from a death care trust”: this one does not involve a cemetery operator or a funeral director. Last week, an Indiana grand jury indicted a banker, an investment advisor and an attorney. What may sound like the beginning of a joke that most funeral directors and cemeterians can relate to, this story actually involves a trio of fiduciaries who worked with both Clayton Smart and Robert Nelms.
Prior industry reporting helps connect the dots between David Becher, Mark Singer and Sherry Katz-Crank. Ms. Katz-Crank is the co-founder and general counsel for Security Financial Management Company, a Michigan firm. Mr. Becher was an officer with Community Trust & Investment, an institution based in Noblesville, Indiana. Mr. Singer worked for Smith Barney in Philadelphia.
While it does not come as a surprise that prosecutors from Michigan and Tennessee are looking at these connections, other states may also be conducting related investigations.