The big headline from the sentencing of former Chicago Ald. Ed Burke was that he received a two-year prison term, but the $2 million fine levied against him also opened eyes across the area.
Naturally, the question arose of how Burke would pay the fine, and 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.
In addition, NBC 5 Investigates found documents that indicated the Friends of Ed Burke campaign war chest has $167,000 cash, along with another $7.8 million in investment funds.
Burke could potentially use up to $2.45 million of those investment funds by claiming it as personal income. The 1998 Campaign Finance Act in Illinois put an end to that practice, but allowed politicians the ability to grandfather in the amount they’d accumulated before the bill went into effect.
Once Burke determines how he will pay the penalty, the federal court system will determine where the money will be sent, according to legal experts.
Following the conviction, Burke will also likely be stripped of his city pension, which pays him $8,027 per month according to city records. That decision will be left to the Municipal Employees’ Annuity and Benefit Fund.
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Due to his conviction, Burke will likely lose his law license as well, though he is still licensed to practice according to the Illinois Attorney Registration and Disciplinary Commission.
Even as questions exist over how Burke will pay for his fines, the prison sentence may have other impacts on his health, according to confidants.
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“It will be very difficult for him,” attorney Burt Odelson said. “It isn’t much in the scheme of things, but for an 80-year-old who isn’t healthy, it could be a death sentence.”
