Segal Gets Ten Years
Crains Just Posted this AP Report:
Segal sentenced to 10 years in prison
(AP) - A federal judge on Wednesday sentenced former insurance mogul Michael "Mickey" Segal to 10 years in prison for siphoning money for his brokerage firm, calling Segal "mean-spirited, immoral and unethical."
In court, Segal said he was remorseful but didn't believe he had done anything wrong.
"I am not a bad person, I have never stolen a dime in my life," Segal said.
A jury convicted the politically connected Segal in June 2004 of 26 counts of racketeering, fraud, embezzlement and other charges and ordered him to forfeit $30 million - the largest forfeiture verdict ever handed down by a federal jury in Chicago.
6 comments:
Man you're fast. I just got a Crain's e-mail update on this story.
You should see my hang time! This round mound stays on the ground!
Segal, ya forgot to take the Daley Boys to the joint wit ya!!! Deep Water!
Of course, the length of that sentence could be revised if Segal starts singing like Caruso. If he gives the feds the info they need to go after the top folks in local government that enabled Segal to get rich, then he will likely see that jail term revised downward.
Otherwise, Segal will likely die in prison. The choice is his.
RANDALL SHERMAN
Secretary/Treasurer, Illinois Committee for Honest Government
Chicago
As a paycheck-to-paycheck working stiff, who reads the papers and listens for the news, I feel that Segal was plucked like a pretty plum.
For the life of me, I can not remember someone, allegedly so mighty, brought so low. Now, I never sent in the paper-work for a Nobel Prize, but I believe Segal.
BTW, I get my insurance from the fine folks at ______________ . I really feel that this man was ambushed, but what do I know, I always felt that Aaron Paterson was a street thug - go figure.
Segals conviction is a wake up call to all insurance brokers, title companies, lawyers and others who practice shoddy accounting with their premium trust fund accounts. I think that is all they got him for. It's against the law (or at least the rules) but I am not sure you should be sent to jail if in the end they can recoup all of the funds.
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