Backed by dance-music rhythms, the raucous parties on a Chicago real estate agent’s 58-foot powerboat called Flying Lady stood out from the other floating festivities off of the downtown shore. In a recent article, the Tribune speculates that the parties might be over, however, after 44-year-old David Izsak’s arrest for bank fraud and aggravated identity theft.
Federal officials seized the Flying Lady, seeking forfeiture of the Carver 570 Voyager yacht. In the indictment, they alleged that Izsak fraudulently obtained $360,000 in financing for its purchase back in 2011.
The Tribune reports that Izsak faces up to 30 years in federal prison if convicted of the bank fraud allegations in the 11-count indictment and a mandatory minimum of two years on the aggravated ID theft charges.
Officials also seized one of his Skokie company’s bank accounts, the news report stated. There was about $100,000 in the account at the time.
The Tribune reports that the Flying Lady is currently sitting quietly in a warehouse. If her owner is convicted, it’s likely the boat would be auctioned off by law enforcement officials. Prosecutors also said in court documents that they seek forfeiture of $4 million; the proceeds from Izsak’s alleged fraud schemes, they say.
An Izsak business associate has been separately indicted on bank fraud and aggravated ID theft charges. The associate’s brother was recently indicted on bank fraud allegations as well.
Izsak and the associate are both accused, among other things, of obtaining fraudulent loans with fake names and Social Security numbers.
Clearly, all three men face the battles of their lives – battles that can only be won with the able help of a skilled, experienced Chicago criminal defense attorney.
