A Chicago-based insurance broker has been accused of stealing $35 million from his own company’s premium trust funds to build his personal empire and pay for his family’s luxurious tastes. Michael Segal is charged with fraud and racketeering for allegedly siphoning money off his brokerage.

But Mr Segal’s lawyers say the company, Near North Insurance Brokerage, expanded quickly under him and its accounting “grew sloppy, causing Segal to distrust financial reports”. They also assert that no clients lost money or went without insurance cover.