The sentencing of Michael Segal, the former head of the Chicago insurance brokerage firm Near North, convicted of embezzlement last year, was postponed as the court awaits a psychiatric evaluation.
Mr. Segal, whose sentencing hearing was scheduled for last week, has seen the proceeding postponed until the evaluation is completed. His defense attorneys contend that he suffers from attention deficit disorder and is unable to assist in his sentencing defense.
According to a spokesperson for the U.S. Attorneys Office in Chicago, a status hearing is scheduled for July 14, but no date has been set for sentencing.
An attorney for Mr. Segal said the legal team would not comment on the ongoing evaluation.
Mr. Segal, who is in his early 60s, was convicted last year of looting more than $20 million from Near North's premium trust fund account over a 12-year period. He faces up to 20 years in prison and forfeiture of as much as $30 million from his personal funds and 60 percent of his stock interest in what remains of the firm.
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