U.S. District Judge Ruben Castillo set April 7 as the date Michael Segal, owner of Chicago-based Near North Insurance Brokerage, goes to trial on fraud and racketeering charges.
Segal was first charged last January with diverting more than $20 million from various Near North accounts over the last 12 years for his own personal use, including political contributions, and lavish gifts to favored clients of the brokerage. A second indictment charged him with 15 counts of insurance, mail and wire fraud and one count of racketeering. He entered a “not guilty” plea to all charges last month, and remains free on bail.
According to a report in the Chicago Tribune, Federal prosecutors expect to take three to four weeks to present their case. Segal’s lawyer, Daniel Reidy, indicated that the defense would take at most a week.
If he’s convicted prosecutors would seek the forfeiture of at least $20 million in cash as well as Segal’s ownership of Near North and other business interests. If he’s found guilty on the racketeering charge his palatial home in Highland Park, valued at around $20 million, could also be forfeited.
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