Hinsdale accountant gets 16 years for embezzling $77M from a trustee of the Art Institute of Chicago

Sultan Issa acquired, among other things, 25 residential properties, 2 private aircrafts, 4 yachts, approximately 60 firearms

Sun-Times Media Wire
Tuesday, September 1, 2020
IDES fraud: Are you on the hook?

A west suburban accountant was sentenced Monday to 16 years in federal prison for embezzling millions of dollars from a trustee of the Art Institute of Chicago and using the money to finance a luxurious lifestyle that included the purchase of yachts and homes.

Sultan Issa admitted in a January plea agreement with federal prosecutors that he also stole millions from individual investors, including $500,000 from a widow who trusted him to invest funds from her late husband's estate.

The 47-year-old Hinsdale resident was ordered to pay back more than $72 million in restitution to the victims, prosecutors said.

Issa used the stolen money to cover personal expenses and to secure loans totaling at least $83 million to acquire, among other things, 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, prosecutors said.

(Source: Sun-Times Media Wire - Copyright Chicago Sun-Times 2020.)