Hinsdale Accountant Embezzled $55 Million: U.S. Attorney

HINSDALE, IL — A Hinsdale accountant has been charged with fraud for misappropriating more than $65 million, according to the U.S. Attorney's Office. Sultan Issa was charged Feb. 5 with one count of wire fraud affecting a financial institution. Arraignment in federal court hasn't been scheduled yet.

The attorney's office said Issa was a certified public accountant and the CFO of a group of partnerships, corporations and trusts owned by a Chicago-area family. From 2007 to 2017, Issa is accused of embezzling at least $55 million of the family’s assets and solicited at least another $8.8 million from clients.

Issa would claim he would invest their money in legitimate opportunities, including a luxury auto dealership Issa owned in Burr Ridge, according to a complaint filed in U.S. District Court in Chicago.

According to the attorney's office, Issa used tens of millions of dollars in fraud proceeds to cover personal expenses and to secure fraudulent loans from financial institutions totaling at least $83 million to acquire 25 residential properties in Illinois, Montana, Michigan and Cabo San Lucas, Mexico, two private aircraft, four yachts, approximately 60 firearms, and assorted watches, jewelry and memorabilia. He also used another $15 million to pay expenses related to the auto dealership, including the purchase of a showroom, the acquisition of luxury cars, and the salaries of employees, according to the complaint.

The attorney's office said Issa attempted to conceal the scheme by providing financial institutions with fraudulent loan documents and forging authorizations to gain control of funds belonging to the family-owned group, the information states. Issa also created false account statements and made Ponzi-type payments to individual investors.

The attorney's office said wire fraud affecting a financial institution carries a maximum sentence of 30 years in prison.

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