Va. businessman accused of fraud waives hearing
March 5, 2010
Total Loss:
$60 million
A Virginia businessman accused of defrauding banks out of tens of millions of dollars will remain in jail after waiving his right to a detention hearing. At a hearing Wednesday in federal court in Alexandria, a judge ordered 31-year-old Osama El-Atari of Ashburn, Va., to stay in jail as prosecutors pursue an indictment on bank fraud charges. Authorities believe El-Atari pulled off one of the largest bank frauds in Virginia history by using fake life insurance policies as collateral to obtain bank loans. Creditors have filed more than $60 million in claims in bankruptcy proceedings.
Source:
Washington Examiner
Posted in:
Internal Fraud