David Izsak, a Chicago businessman and licensed real estate professional, has been sentenced to five years in federal prison for his involvement in multimillion-dollar financial fraud. As reported by the U.S. Attorney's Office for the Northern District of Illinois, Izsak, the owner of Premier Assets Inc. and Premier Properties Enterprises Inc., was convicted by a jury on ten counts of financial institution fraud.
The convictions stemmed from Izsak's persistent fraudulent activities, which included filing fake lien releases, conjuring up bogus names of attorneys and bank employees, and using these false documents to conduct transactions and sell properties under the guise of cleared debts. One remarkable instance highlighted the sale of a property to an unsuspecting buyer after Izsak released a forged lien. The scheme allowed Izsak to illicitly secure six mortgages on a single property, simply by fabricating the release of prior loans, as per the U.S. Attorney's Office, Northern District of Illinois.
In a brazen display of luxury living, the business tycoon even obtained a loan for a lavish 57-foot yacht named "Flying Lady" by submitting fraudulent tax returns and financial statements. The yacht became property of federal authorities when it was seized in 2019. The scheme's extent was immense, with the exploitation of more than $3 million from various financial institutions over 13 years. According to Assistant U.S. Attorney Elly Moheb, in a government’s sentencing memorandum made by the Justice Department website, "Izsak engaged in blatantly fraudulent conduct for many years," further stating "The entire purpose of the scheme was to line his own pockets, so that he could live a lifestyle he didn’t earn."
The case also involved Yale Schiff and his brother, Jason Schiff, who faced their legal reckoning. Yale Schiff was handed a three-year prison sentence back in January for fraudulently obtaining mortgage and vehicle loans and using stolen identities for credit. Jason Schiff had to face repentance for his false report to the U.S. Department of Housing and Urban Development, receiving three years of probation. All this came to light thanks to the collective efforts of law enforcement, which included the FBI, the U.S. Postal Inspection Service, and the acting U.S. Attorney for the Northern District of Illinois, Morris Pasqual.
