CEO Michael Segal of Chicago-based Near North Insurance Brokerage Inc., stepped down from his position Jan. 31 following his arrest for alleged mail and insurance. Segal, 59, the sole shareholder of Near North, is accused of embezzling money from the firm’s trust account, which held money to be paid out for customers’ insurance premiums. The fund was short approximately $20 million. Segal’s attorney, Harvey Silets, stated Segal will vigorously defend the charges against him. Near North, a provider of property, life, health and workers’ compensation coverages, voluntarily reported an error in the fund to the Illinois Department of Insurance last summer.
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