Near North Expands Board To Six
By Mark E. Ruquet
NU Online News Service, May 2, 2:47 p.m. EST?An insurance brokerage, whose chief executive was indicted on fraud charges, announced it had followed the recommendation of regulators and expanded its board of directors to six.
Near North National Group, headquartered in Chicago, said it had appointed three additional members to its board of directors. The three are Joe L. Stinnette, Walter B. Stowe and William C. Bartholomay.
Mr. Stinnette is the recently-retired president and chief executive officer of Fireman's Fund Insurance Company.
Mr. Stowe is director of compliance for Konami Gaming Inc., a gaming manufacturing company in Las Vegas. He serves on the Government and Political Affairs Committee for the Association of Gaming Equipment Manufacturers and is a member of the International Association of Gaming Attorneys.
Mr. Bartholomay is president of Near North National Group.
The other members of the board, announced in February, are Fred Foreman, chairman, Clinton Francis and Sanford Takiff.
The board was created on the recommendation of the Illinois Department of Insurance after its review of accounting irregularities related to the firm's premium trust fund.
The revelations of the irregularities lead to the arrest on Jan. 26 of Michael Segal, the firm's chief executive officer, on charges of embezzling $20 million from the firm out of the premium trust fund.
Mr. Segal subsequently resigned his post and is awaiting trial.
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