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updated: 5/8/2014 7:54 AM

Execs pay bond with gems, other valuables

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Associated Press

Two education company executives have paid for their freedom, in part, with diamonds and rubies.

Jowhar Soultanali and his 34-year-old son, Kabir Kassam were recently accused in a $33 million fraud. The U.S. attorney's office in Chicago says that included bribing school officials with strip club visits and other benefits.

The Chicago Sun-Times reports that the men agreed Wednesday to turn over property worth $500,000 to pay their bond. That included diamond and ruby rings, as well three luxury vehicles.

The 58-year-old Soultanali and Kassam have pleaded not guilty to fraud and bribery charges. Their companies are Niles-based Brilliance Academy Inc., and Babbage Net School Inc.

Prosecutors say they paid bribes to education officials in Texas and New Mexico. Those officials have also been charged.

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