Chicago businessman gets 5 years for defrauding financial institutions of over $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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USA Today
11 hours ago
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Castanos Garcia spent the money on "upgrades to his home and luxury purchases," including a boat, court documents said. Photographs included in a federal affidavit show Castanos Garcia sitting in a hot tub aboard a yacht. Growing scheme The grandparent scam case in Massachusetts, which included at least 50 victims, is the latest in the growing field of elder fraud. FBI officials announced in June that older adults across the United States reported nearly $4.89 billion in losses due to fraud schemes, including grandparent scams. The sum represents a 43% increase in losses from 2023, according to the FBI. According to data from the FBI's Internet Crime Complaint Center, there were 147,127 complaints of elder fraud in 2024, a 46% increase from 2024, the FBI said. Among recent schemes, a federal grand jury indicted a man from the Dominican Republic in March in connection with a scheme to defraud five people of $50,000, USA TODAY previously reported. Luis Alfonso Bisono Rodriguez, a citizen of the Caribbean nation living in Cleveland, played all the parts of the scam from opener to runner. He pleaded not guilty in July. "Elder fraud is a growing problem and a shameful crime," Kimberly Milka, acting special agent in charge of the FBI's Boston Division, said in a release about elder fraud. "Not only does it rob an already vulnerable population of their sense of security, but it leaves them with devastating financial losses." Older adults are targeted because they are often seen as more trusting and also less likely to report being scammed, federal officials said. People can report elder fraud scams by emailing calling 1-800-CALL-FBI (1-800-225-5324), or online at the FBI's IC3 Elder Fraud Complaint Center.
Epoch Times
18 hours ago
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Chinese National Sentenced to 55-Month Imprisonment Over Trafficking Methamphetamine
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