Segal Trial Entering Third Week
By Mark E. Ruquet
NU Online News Service, April 5, 3:27 p.m. EDT?Michael Segal and his embattled insurance firm Near North are in the beginning stages of what is expected to be at least a two-month-long trial over the former head's alleged misuse of the Near North's premium trust fund account.[@@]
Mr. Segal, the former chief executive officer of the Chicago-based insurance brokerage firm he founded, was arrested in January of last year on charges that he misappropriated millions of dollars from the firm's premium trust fund account over a 12-year period for his own and company use.
The amounts he appropriated from the fund, prosecutors alleged, range from $5- to $24 million over the years.
Randall Samborn, a spokesman for the U.S. Attorney's office in Northern District of Illinois, said the case is expected to last at least two months with the calling of a hundred witnesses and numerous exhibits. The trial is taking place in U.S. District Court, Northern District of Illinois, Eastern District, before Judge Ruben Castillo.
Mr. Segal and Near North are charged with seven counts of mail fraud and seven counts of insurance fraud.
If convicted, Near North could face five years probation and fines of $500,000 for each count. Mr. Segal could face jail time ranging from 5 to 20 years for each count and a maximum of $250,000 in fines for each count.
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