Even amid the wild summer boating scene known in Chicago as the “Playpen,” real estate agent David Izsak’s yacht stood out.
Adorned with a pink stripper pole attached to the afterdeck, the 58-foot powerboat dubbed Flying Lady was a regular in the often raucous party spot just off the downtown shore, serving essentially as a floating nightclub, complete with tipsy guests dancing to pulsating DJ music and bikini-clad women performing acrobatic pole moves to the cheers of sun-drenched crowds.
Now, though, it appears the party is over.
Federal authorities say they seized the Carver 570 Voyager yacht in connection with a multimillion-dollar fraud scheme allegedly run by Izsak and an associate, using fake IDs, stolen identities and other means to obtain fraudulent loans over more than a decade.
Izsak, 44, of Chicago, was charged in July in an 11-count indictment with bank fraud and aggravated identity theft — including allegations he stole the identity of his ailing mother to qualify for a car loan in 2015. The fraud charges carry up to 30 years in prison, while aggravated identity theft includes a mandatory minimum two-year prison term upon conviction.
Izsak, who owns Skokie-based real estate company Premier Assets Inc., has pleaded not guilty and is free on bond, court records show.
Among the elements of the scheme was Flying Lady itself, purchased by Izsak in 2011 for $450,000, the indictment said.
According to the charges, Izsak fraudulently obtained $360,000 in financing for the yacht by falsifying his income, submitting bogus tax returns and lying about the status of home equity loans he’d taken out on his home on Chicago’s Near West Side.
Records show authorities seized the yacht — as well as all of its contents and Izsak’s personal effects — about a year and a half ago as the investigation into Izsak’s finances was ramping up. Also seized was a bank account in the name of Premier Assets that contained about $100,000, according to the court records unsealed in October 2017.
In recent months, Izsak demanded the return of Flying Lady and the cash in several court filings, saying the government was dragging its feet on the investigation and had no right to hold onto the property indefinitely without filing charges.
