Chicago businessman gets 5 years for defrauding financial institutions of over $3 million
A Chicago businessman has been sentenced to five years in federal prison for defrauding financial institutions of more than $3 million.
The U.S. Attorney's Office said David Izsak, 50, spent 13 years getting residential loans through false statements, hiding unpaid loans and falsely getting credit.
Prosecutors said as part of his scheme he would submit fake lien releases to the Cook County Recorder of Deeds that claimed the loans were paid in full, and in one instance even sold the property with the lien to an unsuspecting buyer. In another instance, prosecutors said he got six mortgages on a single property by fictitiously releasing prior loans without repaying them.
He also got a loan to buy a 57-foot yacht called the "Flying Lady" by submitting fraudulent tax returns and financial information to his lender. The yacht was seized by the government in 2019.
Izsak was convicted of 10 counts of financial institution fraud and sentenced to five years in federal prison this week.
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