Suburban Chicago businessman sentenced to 3 years in prison for $3M fraud scheme

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Suburban Chicago businessman sentenced to 3 years in prison for $3M fraud scheme

The Brief

A suburban Chicago businessman was sentenced to three years in federal prison for orchestrating a 13-year fraud scheme involving stolen identities, falsified documents and millions in fraudulent loans.

He used false information to obtain mortgages, vehicle loans, and credit cards, profiting by illegally removing liens and misusing the identities of vulnerable individuals.

He was also ordered to pay nearly $3 million in restitution, while two associates face separate penalties for their roles in the scheme.

CHICAGO – A suburban

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businessman was sentenced to three years in federal prison for a

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involving mortgage loans, vehicle loans and stolen identities, federal prosecutors announced Monday.

The backstory

Yale Schiff, 50, of

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, fraudulently obtained millions of dollars in loans by submitting false information to financial institutions about his employment, income, and other financial details.

He also filed false documents with the Cook County Recorder of Deeds to fraudulently remove liens from properties, allowing him to reuse the same properties as collateral for multiple loans. Schiff then pocketed the proceeds and caused significant losses to lenders.

In addition to mortgage fraud, Schiff used stolen and false identities to buy vehicles, fraudulently remove liens and then resell the cars for profit. He opened bank accounts and lines of credit using these identities, including one belonging to an elderly woman in memory care and another belonging to a dead friend.

Schiff pleaded guilty to federal bank fraud in 2023. On Jan. 16, a U.S. District Judge sentenced him to three years in prison and ordered him to pay nearly $3 million in restitution.

Dig deeper

Two others were charged in connection with the scheme. Schiff’s brother, Jason Schiff of Lincolnwood, pleaded guilty to making a false statement to the U.S. Department of Housing and Urban Development and received three years of probation and $306,610 in restitution.

Yale Schiff’s business associate, David Izsak of Chicago, was convicted on 10 counts of financial institution fraud and is awaiting sentencing.

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