Near North Appoints Interim CFO

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 National Group in Chicago said it has appointed Cynthia Todd Jamison as its interim chief financial officer.

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

Ms. Jamison is a certified public accountant with a master of business 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 Cultureworx Inc., Illinois Superconductor Inc. and Chart House Enterprises. She has also occupied senior financial positions for corporations including Hewitt Associates, Kraft General Foods and Arthur Anderson & Co.

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

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

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

Mr. Segal resigned his position as chief executive officer shortly 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 board of directors in February by the broker follow recommendations by the Illinois Department of Insurance after an investigation of accounting irregularities in the fund. The investigation was started after Near North reported problems with the fund to the department during the summer.