Feds seize real estate agent’s Playpen party yacht for alleged multimillion-dollar scheme

The 58-foot boat was purchased with falsified income statements and fraudulent tax returns

(Credit: iStock, Flying Lady via YouTube)
(Credit: iStock, Flying Lady via YouTube)

The voyage for a real estate agent, and the party on his notorious Carver 570 Voyager yacht, may be all over.

Federal authorities have charged agent David Izsak in a multimillion-dollar fraud scheme and seized his assets, including his 58-foot yacht, “Flying Lady.” Federal authorities said the scheme was allegedly run by Izsak and an associate, who stole people’s identities and used other means to obtain loans for more than a decade, the Chicago Tribune reported.

Izsak owns a real estate company Premier Assets, based in Skokie. He was charged in an 11-count indictment, and allegations include stealing his ill mother’s identity to qualify for a $46,000 car loan. He pleaded not guilty and is free on bond.

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For years, his yacht was a fixture at the Playpen boating party scene off the shore in downtown Chicago. It included a pink stripper pole and became a floating party with loud music.

Izsak purchased Flying Lady for $450,000 in 2011. He allegedly obtained $360,000 for the yacht by falsifying his income, submitting fraudulent tax returns and lying about loans he’d taken out on his home in Chicago’s Near West Side.

A bank account with about $100,000 was also seized with other items in 2017. Prosecutors are also seeking $4 million in proceeds allegedly earned by Izsak. If Izsak is convicted, the boat would likely be auctioned off by the U.S. Marshals Service. [Chicago Tribune] — Gregory Cornfield