Near North's Segal Convicted In Chicago
By Mark E. Ruquet
NU Online News Service, June 21, 4:25 p.m. EDT?Michael Segal, the former chief executive officer of Near North and the brokerage firm he founded, were convicted on fraud and related charges today by a federal jury in Chicago.[@@]
Mr. Segal was accused of embezzling more than $20 million from the firm's premium trust fund account over a 12-year period for his own and company use.
According to Randall Samborn, spokesman for the U.S. Attorney in the Northern District of Illinois, Mr. Segal was convicted of all 26 counts in an indictment stemming from the embezzlement and Near North was convicted of 21 counts.
He said prosecutors are asking the same jury to grant forfeiture of $35 million in Mr. Segal's own personal funds as proceeds of the embezzlement.
Mr. Segal also faces up to 20 years in prison.
Prosecutors also asked that his bond be revoked and he be taken into immediate custody. Federal Judge Ruben Castillo, took the request under advisement, Mr. Samborn said.
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