CHICAGO (CBS) — A Hinsdale accountant and car dealer has been charged with embezzling more than $55 million from a wealthy Chicago area family; and using the stolen money to buy homes, private jets, yachts, jewelry, and more for himself.
Sultan Issa, 45, was charged with one count of wire fraud, and faces up to 30 years in prison if convicted.
Federal prosecutors said Issa was the chief financial officer for a group of partnerships, corporations, and trusts owned by an unnamed family; and used his position to embezzle more than $55 million from the family’s accounts from 2007 to 2017.
He allegedly used his position with the family to create false loan documents and forged legal authorizations to gain control of family funds.
Issa also allegedly forged financial documents to secure $83 million in loans and lines of credit for himself, and used his position to solicit $8.8 million from more than a dozen other investors.
The feds say Issa used the embezzled money to buy 25 homes in Illinois Montana, Michigan, and Cabo San Lucas, Mexico; along with two private aircraft, four yachts, about 60 firearms, watches, and jewelry. He also allegedly used $15 million to pay for expenses at an auto dealership he owned in Burr Ridge; including a showroom, luxury cars, and employee salaries.
Issa’s arraignment has not been scheduled.