Near North Appoints Interim CFO

By Mark E. Ruquet

NU Online News Service, March 7, 10:20 a.m.EST? Scandal-scarred insurance broker Near North NationalGroup in Chicago said it has appointed Cynthia Todd Jamison as itsinterim chief financial officer.

Ms. Jamison will oversee financial operations for all Near NorthNational Group member corporations, including its flagship, NearNorth Insurance Brokerage Inc., the firm said.

Ms. Jamison is a certified public accountant with a master ofbusiness administration in finance, said Near North in a statement,and has more than 20 years experience in the financial field.

During her career, she has held CFO positions at CultureworxInc., Illinois Superconductor Inc. and Chart House Enterprises. Shehas also occupied senior financial positions for corporationsincluding Hewitt Associates, Kraft General Foods and ArthurAnderson & Co.

She replaces Tom McNicholas, who left the firm in mid-January,said Near North's spokeswoman, Natalie Rofalikos. Citing companypolicy, she declined to discuss the reason for his departure.

Last week, the broker announced it had selected KPMG in New YorkCity as its external auditor.

These announcements come after the arrest and federal indictmentof the firm's former head, Michael Segal, for insurance and mailfraud in January. Mr. Segal is alleged to have embezzled $20million from the firm's premium fund trust account (seeNU, Feb. 11, page 9).

Mr. Segal resigned his position as chief executive officershortly after his arrest on Jan. 26. He is free on $750,000 bail.No trial date has been set.

The selection of KPMG and the creation of an independent boardof directors in February by the broker follow recommendations bythe Illinois Department of Insurance after an investigation ofaccounting irregularities in the fund. The investigation wasstarted after Near North reported problems with the fund to thedepartment during the summer.