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Here’s how Ed Burke could pay a $2 million fine after his conviction – NBC Chicago

The headline news of the conviction of former Chicago Ald. Ed Burke was sentenced to two years in prison, but the $2 million fine he received was also an eye-opener for the entire region.

Naturally, the question arose as to how Burke would pay the fine, and the documents shed more light on that process.

According to court documents, Burke’s net worth was estimated at $30 million as the sentencing process unfolded.

Additionally, NBC 5 Investigates found documents indicating that the Friends of Ed Burke campaign war chest contains $167,000 in cash, as well as an additional $7.8 million in investment funds.

Burke could potentially use up to $2.45 million of these investment funds by claiming them as personal income. The Illinois Campaign Finance Act of 1998 ended this practice but allowed politicians to grandfather in the amount they had accrued before the bill took effect.

Once Burke determines how he will pay the fine, the federal court system will determine where the money will be sent, according to legal experts.

As a result of the conviction, Burke will likely also be stripped of his municipal pension, which he receives $8,027 a month, according to city records. That decision will be left to the Municipal Employees Pension and Benefits Fund.

As a result of his conviction, Burke will also likely lose his law license, although he is still licensed to practice according to the Illinois Attorney Registration and Disciplinary Commission.

Although questions remain about how Burke will pay his fines, the prison sentence could have other impacts on his health, according to confidants.

“It will be very difficult for him,” attorney Burt Odelson said. “It’s not much in the grand scheme of things, but for an octogenarian who is not in good health, it could be a death sentence.”

NBC Chicago

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