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Press Release

Chicago Businessman Convicted of Defrauding Financial Institutions out of $4 Million

For Immediate Release
U.S. Attorney's Office, Northern District of Illinois

CHICAGO — A federal jury has convicted a Chicago businessman of scheming to defraud multiple financial institutions out of $4 million.

DAVID IZSAK, 48, of Chicago, was a licensed real estate professional and the sole proprietor of Skokie, Ill.-based Premier Assets Inc. and Premier Properties Enterprises, Inc.  From 2005 to 2018, Izsak engaged in a scheme to defraud financial institutions by obtaining residential loans through false statements, concealing the existence of unpaid loans, and falsely obtaining credit.  As part of the scheme, Izsak submitted or caused to be submitted to the Cook County Recorder of Deeds fictitious lien releases.  In reality, the releases were not from the lender and the loans were not paid in full.  In one instance, after causing a lien to be released, Izsak sold the property to an unsuspecting buyer.  In another instance, 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 in 2019 by federal authorities.

After a week-long trial in U.S. District Court in Chicago, the jury on Friday convicted Izsak on ten counts of financial institution fraud, each of which is punishable by up to 30 years in federal prison.  U.S. District Judge Manish S. Shah set sentencing for July 9, 2024.  The government at sentencing will seek forfeiture from Izsak of approximately $4 million.

The verdict was announced by Morris Pasqual, Acting United States Attorney for the Northern District of Illinois, Robert W. “Wes” Wheeler, Jr., Special Agent-in-Charge of the FBI Chicago Field Office, and Ruth M. Mendonça, Inspector-in-Charge of the Chicago Division of the U.S. Postal Inspection Service.    The government is represented by Assistant U.S. Attorneys Patrick J. King, Jr., and Elly M. Peirson.

Updated December 19, 2023

Financial Fraud
Mortgage Fraud