CHICAGO (WBBM NEWSRADIO) - A Chicago businessman faces many years in prison for defrauding financial institutions out of millions of dollars.
Federal prosecutors said David Izsak stole about $4 million from 2005 to 2018, through a scheme to defraud financial institutions by obtaining residential loans through false statements, concealing the existence of unpaid loans, and falsely obtaining credit.
Izsak was a licensed real estate professional and owner of Skokie based Premier Assets Inc. and Premier Properties Enterprises, Inc.
In one instance, the 48-year-old Izsak, obtained six mortgages on a single property, he also got a loan to buy a 57-foot yacht known as the “Flying Lady” by submitting fraudulent tax returns and financial information.
The Feds seized the yacht.
Izsak was convicted on ten counts of fraud, each punishable by up to 30 years in prison.
He will be sentenced on July 9, 2024.
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