A Chicago businessman has been sentenced to five years in prison for his involvement in a scheme defrauding multiple financial institutions out of more than $3 million. David Izsak, 50, was a licensed real estate professional and the owner of Premier Assets Inc. and Premier Properties Enterprises, Inc., both based in Skokie, Illinois.
From 2005 to 2018, Izsak engaged in fraudulent activities by acquiring residential loans through false statements and hiding unpaid loans. He submitted fictitious lien releases to the Cook County Recorder of Deeds, pretending they were from lenders indicating loans were fully paid. These releases included fabricated names of attorneys and bank employees. This deception allowed Izsak to sell property to unsuspecting buyers and obtain multiple mortgages on a single property.
Additionally, Izsak falsely secured a loan for purchasing a 57-foot yacht, the "Flying Lady," using fraudulent tax returns and financial data. The yacht was seized by federal authorities in 2019.
In 2023, a jury found Izsak guilty on ten counts of financial institution fraud. U.S. District Judge Manish S. Shah delivered the prison sentence on Tuesday in federal court.
The sentence was announced by Morris Pasqual, Acting United States Attorney for the Northern District of Illinois, along with officials from the FBI Chicago Field Office and the Chicago Division of the U.S. Postal Inspection Service.
Assistant U.S. Attorney Elly Moheb stated, "Izsak engaged in blatantly fraudulent conduct for many years. 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 in the investigation. Yale Schiff, from Riverwoods, Illinois, was sentenced in January to three years for fraudulently securing loans and using stolen identities. Jason Schiff, from Lincolnwood, Illinois, pleaded guilty to causing false reports to the U.S. Department of Housing and Urban Development, receiving a sentence of three years of probation.
