A Chicago-area real estate professional was sentenced to five years in federal prison defrauding multiple financial institutions out of more than $3 million.
David Izsak, the sole proprietor of Skokie, Illinois-based Premier Assets Inc. and Premier Properties Enterprises Inc., obtained residential loans through false statements, concealed other unpaid loans and falsely obtained credit in his dealings with financial institutions between 2005 and 2018. According to the charges brought against him, Izsak submitted or caused to be submitted to the Cook County Recorder of Deeds fictitious lien releases that purported to be from lenders stating the loans were paid in full. These fraudulent lien releases included false names of attorneys and bank employees. In one instance, after causing a lien to be released, Izsak sold the property to an unsuspecting buyer. In another case, he obtained six mortgages on a single property, obtaining a new loan after fictitiously releasing the prior loan without repaying it.
Izsak also obtained a loan to buy a 57-foot yacht known as the “Flying Lady” by submitting fraudulent tax returns and financial information to the lender. The yacht was seized by federal authorities in 2019.
A jury in U.S. District Court in Chicago in 2023 convicted Izsak on ten counts of financial institution fraud. Judge Manish S. Shah imposed the prison sentence last Tuesday during a hearing in federal court.
“Izsak engaged in blatantly fraudulent conduct for many years,” Assistant US Attorney Elly Moheb argued in the government’s sentencing memorandum. “The entire purpose of the scheme was to line his own pockets, so that he could live a lifestyle he didn’t earn.”
Two other individuals were also convicted as part of the federal investigation. Yale Schiff was sentenced in January to three years in prison for fraudulently obtaining millions of dollars in mortgage and vehicle loans and using stolen identities to secure credit from financial institutions. Jason Schiff pleaded guilty to causing a false report and statement to be made to the US Department of Housing and Urban Development and was sentenced to three years of probation.
LOL, there are trillions of dollars of fraud being uncovered by DOGE. When will politicians and bureaucrats go to jail?