Local

Former Insurance Magnate Mickey Segal Released From Prison

Court Case Graphic

(CBS)

Nancy Harty Nancy Harty
I was a fan of WBBM Newsradio 780 long before joining the staff as a...
Read More
Featured & Trending:

Latest News Headlines:

CHICAGO (CBS) – Former Near North Insurance magnate Mickey Segal, convicted of stealing approximately $30 million from his company, is now a free man.

WBBM Newsradio’s Nancy Harty reports a federal judge resentenced Segal to time served at a hearing on Tuesday, sparing him the need to serve the final few months of his previous prison sentence.

U.S. District Judge Ruben Castillo said the federal “honest services fraud” law that was limited by a U.S. Supreme Court ruling two years ago played a part in Segal’s original 10-year sentence, warranting early release for Segal.

LISTEN: WBBM Newsradio’s Nancy Harty reports

Defense attorney Marc Martin said his client still spent considerable time in prison for his convictions.

“Seven years, eleven months, and two days,” Martin said. “He is extremely humbled and gratified.”

Now that he’s a free man, Segal has simple plans.

“I think he’s just looking forward to spending time with his grandchildren and his children,” Martin said.

Segal had already been released from prison last week, into the custody of his defense attorneys.

He had been convicted of racketeering, fraud and conspiracy charges, and had also been ordered to forfeit the $30 million he allegedly raided from a trust fund held by his company.

While Martin wouldn’t say where Segal plans to live, he did say the man who once owned a mansion on a 17-acre estate in Highland Park spent the past four days living in his lawyer’s apartment.

That estate was sold off to help pay off Segal’s forfeiture. Near North was also dissolved to help cover that cost.