An appeal of his 10-year prison term by Michael Segal, the former chief executive of Near North convicted of stealing millions from his company, has been rejected.
But the 7th District U.S. Court of Appeals in Chicago, while upholding Mr. Segal's prison sentence, did order a rehearing of the $30 million that U.S. District Judge Ruben Castillo ordered Mr. Segal to forfeit when he sentenced him in 2004.
The appeals court said it could not be determined how much of the $30 million was actually embezzled by the chief executive for his own personal use and how much was funneled into the company. The court indicated that the forfeiture should only cover Mr. Segal's personal use.
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