A Hinsdale resident has admitted to misappropriating more than $65 million from individuals and financial institutions, according to a plea agreement filed Jan. 10 with District Judge Andrea Wood and provided by the United States Attorney’s Office for the Northern District of Illinois.
Sultan Issa, 46, pled guilty to wire fraud affecting a financial institution for perpetrating a scheme from 2010-17 “to defraud clients and financial institutions, and to obtain money and property from those clients and financial institutions by means of materially false and fraudulent pretenses, representations and promises,” reads the agreement.
Issa embezzled the majority of the funds in his capacity as certified public accountant and chief financial officer of a group of partnerships, corporations and trusts owned by a Chicago-area family. He forged a family member’s name on documents enabling him to transfer assets to accounts in his name, which then served as the basis for financial institutions to loan him money.
“Issa used the proceeds of the scheme to purchase and secure fraudulent loans relating to at least 25 residential properties in Illinois, Montana, Michigan, and Cabo San Lucas, Mexico; two private aircraft; four motor yachts; approximately 60 firearms; and assorted watches, jewelry and memorabilia,” the agreement states. “Issa deceived financial institutions and fraudulently caused them to provide him and entities under his ownership and control loan funds and extensions of credit totaling tens of millions of dollars.”
Issa also solicited individual investors, promising to invest their funds but instead using them to benefit himself and his business entities, including the now defunct Global Luxury Imports, an auto dealership he owned in Burr Ridge. He used more than $15 million in the fraudulently obtained funds on the dealership, including purchasing the showroom and the cars, and covering employee salaries.
The offense carries a maximum sentence of 30 years in prison and a maximum fine of $1 million or twice the gross gain or gross loss resulting from the offense, whichever is greater.
Sentencing is scheduled for May 21.
