Skip to comments.Flashy Va. Businessman Vanishes, Leaving Huge Debts Behind (Steals from Banks Leaves Country)
Posted on 07/16/2009 9:39:39 AM PDT by khnyny
Subtlety was never one of Osama El-Atari's strong suits.
The son of Jordanian immigrants was a self-described "car nut" who racked up a fierce number of speeding tickets across Northern Virginia. He told a reporter that he owned two Lamborghinis, two Ferraris and a Rolls-Royce Phantom, among other vehicles, and that his insurance bill was $18,000 a month. One car dealer said El-Atari would occasionally bring a chauffeur to dealerships.
The Loudoun County restaurateur tried to show off his wealth whenever he could, by donating thousands to local political candidates or purchasing expensive sports memorabilia at charity galas. He told The Washington Post a year ago that he had "no other bad habits."
But now El-Atari has apparently vanished, leaving behind a growing number of debts, lawsuits and confused creditors. He was nowhere to be found at a hearing Friday to consider his creditors' petition to force him into bankruptcy. One bank was told that he might be in London. Another said his vehicles might have been shipped to Jordan.
"We looked into the accounts for El-Atari Holdings, and there's nothing left," said David B. Tatge, the D.C. attorney for the creditors. "I guess I'm not really surprised."
Three banks say in court documents that El-Atari used nonexistent life insurance policies to get millions in loans. An insurance company says the FBI is investigating at least one of those cases, involving Northern Trust Bank in Cleveland. Creditors are crying foul, asking that El-Atari cough up $41.6 million in unpaid loans. More banks are coming forward, too.
(Excerpt) Read more at washingtonpost.com ...
El-Atari’s former sister-in-law flees the country as well.
An Ashburn real estate agent has been charged with several counts of mortgage fraud after helping more than 100 people buy houses they couldn’t afford and defrauding lenders of about $50 million, the Loudoun County sheriff said yesterday.
Diane H. Frederick Atari, 42, fixed her clients’ poor credit scores and inflated their incomes so they could qualify for mortgages they otherwise would not have gotten, county authorities said. The alleged fraud occurred between 2006 and last year. Many of the homes were bought in eastern Loudoun and in Fairfax County.
How does one accumulate that much debt?
Practioners of the Religion of Peace at work again. How nice to let them be in our country providing us with the diversity of the bazaar
you obviously have never lived in northern Virginia, especially not during the early 2000s
“How does one accumulate that much debt?”
Apparently with non-existent life insurance policies. I guess some bankers will be getting fired over lack of due diligence...
Holy Crap most of my SIL’s neighbors are from Jordan and she says they are always home, don’t work and have numerous sports cars.
Osama al-Atari-a psychotic mastermind who terrorizes video games?
Are you kidding? O-Boy will bail them out and they will get a Big Fat Bonus.
I played al Pac Man on al Atari
I kicked infidel ass on al Centipede.
Yeah he will bail them out. Imagine this exact thing happening many many times in America. It will bring us to our knees and force Al Gores/Obama’s/Soro’s global order
Got to be an alias.
What many people don't realize is that the typical US ethic, hard work, a man's word is his bond, etc. is utterly alien to these people. Putting it in writing doesn't help. Shun these people. Do not do business with them (unless you are one ruthless son of a b!tch, they understand that).
We ain’t seen nothing yet...
Now that America has proved themselves to be mindless by their election of Democrats to a majority control of Congress and a black racist closet Fascist Muslim as President in spite of being ineligible and incompetent for the post — we are advertising ourselves as the world’s biggest suckers...
Fools and their money are soon separated.
The same goes for fools and their Liberty.
That is sad and I don’t doubt it.
April 29, 2010
Note: The following text is a quote:
Ashburn, Virginia Man Pleads Guilty to $53 Million Bank Fraud
ALEXANDRIA, VAOsama El-Atari, 31, of Ashburn, Va., pleaded guilty today to operating a fraud scheme that stole more than $53 million from banks throughout the United States.
Neil H. MacBride, United States Attorney for the Eastern District of Virginia; Steven M. Dettelbach, United States Attorney for the Northern District of Ohio; Shawn Henry, Assistant Director in Charge of the FBI Washington Field Office; C. Frank Figliuzzi, Special Agent in Charge of the FBIs Cleveland Field Office; and C. André Martin, Special Agent in Charge of the Internal Revenue Service Criminal Investigations Washington, D.C., Field Office, made the announcement after the plea was accepted by United States District Judge Gerald Bruce Lee.
In a scheme rife with fraud, Osama El-Atari stole more than $50 million from banks and then fled the country when the scam began to unravel, said U.S. Attorney MacBride. Thanks to determined agents, we tracked him down, are holding him responsible for his crimes, and have begun the process of obtaining justice for his victims.
Mr. El-Ataris lavish lifestyle was financed on repeated deception which ultimately caused tens of millions of dollars in losses to the banks, said FBI ADIC Henry. This type of greed and wanton disregard for others substantially harms the financial industry and consumers.
Money laundering constitutes a serious threat to our communities andto the integrity of our financial system, said IRS-CI SAC C. André Martin. IRS-CI has the financial investigators and expertise that is critical to locating the money and prosecuting the offenders.
El Atari pled guilty to three counts of bank fraud and one count of money laundering contained in a criminal information filed in the Eastern District of Virginia and an indictment filed in the Northern District of Ohio. Sentencing has been set for July 30, 2010. El-Atari faces a maximum penalty of 30 years in prison on each of the bank fraud counts and 10 years in prison on the money laundering count.
In a statement of facts filed with his plea agreement, El-Atari acknowledged to defrauding banks in Virginia, Ohio, Tennessee and Maryland of more than $53 million. In order to accomplish his fraud, El-Atari presented the banks with fraudulent life insurance policieswith purported cash values of millions of dollarsas collateral to obtain the fraudulent loans. The stated purpose of the loans was for various business ventures. To facilitate his scheme, El-Atari set up fake domain names, used fake federal express mailings and fake e-mails in order to convince the banks that his collateral was authentic. El-Atari used money obtained from his fraud to buy exotic cars like Lamborghinis and Ferraris and to purchase a multi-million-dollar home in Ashburn, Va. He fled the United States in May 2009 and was later apprehended in Texas in January 2010.
This case was investigated by the FBIs Washington Field Office, the FBIs Cleveland Field Office, and Internal Revenue Service Criminal Investigations Washington, D.C., Field Office. Assistant United States Attorneys Jonathan Fahey and Jack Hanly of the Eastern District of Virginia and Assistant United States Attorney John Sammon of the Northern District of Ohio are prosecuting the case on behalf of the United States.
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