Va. businessman accused of fraud arrested in Texas; 31 year old Ferrari Challenge own

Yes, this has already been discussed before: http://www.ferrarichat.com/forum/showthread.php?t=250554

Although I had not heard that he was captured.

Bill

 

Wow, thought for sure he had left the country. His brother still runs the Wing Factory over here in Reston.

 

one word for these kinds of people... JOKERS... This dude was so high on himself every time I saw him. He took a local car tuning shop I go to for over a 100K. Totally sucks to be out that kind of cash when you trust someone will pay for all your hard work... he'll get what he deserves.

 

I know him well, you are a little mis informed on the 100k thing. He did some bad, bad stuff though. He is locked up in Alexandria.

 

They caught him!?! F-ing awesome.

 

So you know the shop I'm referring to then? I just talked to the owner about it the other day and he was trying to get in line to get some of his $$ back... Then again it's none of my business and I wish everyone involved with this fiasco the best.

 

Great claim to fame for a noob... Not sure that I'd ride on that horse while trying to resurrect any local good will.

And BTW - The information *is* correct and is one of (at least) 4 or 5 other local shops that were hurt by Osama's games.

Yep! All POS people end up getting their comeuppance. Some just take more time than others. There's no statute of limitations on having been a d*_ck to people.

 

105k for a 430 Challenge?

 

EXTENSIVE damage history and an early model. She had a rough life. "The Economy" probably didn't help either

 

I hope he spends some time in the "Federal Pounding in the Arse" prison

 

There is more to the story, if in fact it is the same person I am thinking of. Not sticking up for Osama, he did some nasty stuff. He is in Alexandria waiting to go down. He is going to, as previosly referred, pound me in the arse prison for a LONG TIME!

 

I guess it's a shame that you would have any inkling of support for this POS... I would hope that there's some good judgement on your part and FoW not to support the shenanigans of anyone who made the Washington Post with fact based knowledge that he swindled millions of dollars from innocent people. I wouldn't touch this thread with a ten foot pole if I were a dealership... But then again I'm a simple person with a simple mind...

 

Where is it that you draw the conclusion I have an "inkling" of support for him? I am showing a lack of support for some people claiming to be shortchanged by him that quite possibly were not, but I have shown no "support" for him. Please, I am asking, don't try to fabricate a story that is not there. I have a close, personal, friend that lives here locally that was taken for north of 400k cash! You will NOT see me sticking up for him.

As a side note, please leave FOW out of this. I was not working here when I knew him or did business with him. He has been living on the lamb for almost a year before I even started here.

 

Mike (Ricambi South) might chime in. He knows him from the FoW days.

 

Are you kidding? Do you think I would waste my time and the readers of this board for some trumped up story? Give me a break man why would any rational person do that... I supposed the banks are trumping up their losses too...

And don't associate you with FoW?? Is it not YOU that are promoting FoW service, meet ups, etc..?? Half of me wants to rethink my wallet spending spree with you people given the lack of common sense here... I may have to see what competizione has to offer...

 

I am speaking of you fabricating a story of me supporting Osama. Yes, I have been working to restore the stores reputation, what could that possibly have to do with our discussion of Osama El Atari??? Am I not allowed to post my opinion of a situation that I have first hand knowledge of and you have a story from a person that was supposedly involved? I am curious to know what shop got taken, to make sure that it is the same as the one I am thinking of. If it is not, then I owe you an apology, if it is then I am speaking first hand and you are speaking from word of mouth.

 

He owned several high-end exotics, for sure.
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He had one of just about everything at one point in time or another.

 

I am wondering if anyone knows anything about the trustee, Kevin McCarthy. I have a personal interest. PM if you do, please. Thanks.

 

Everyone is presumed innocent until proven guilty.

However, I'm REALLY glad I didn't go into business with this guy. I was referred to him over and over again. Without going into details, I've been nearly conned by other FoW customers in the past, and I just have no interest in partnering up with people any longer that I don't know. I've been named in Federal lawsuits that emanated from Challenge racers. Paul Frame, Leo Hindery, Richard Millman, Phil Bennett...just to name a few. My advice has always been: stick to your knitting and don't mix business with pleasure. A LOT of monkey business has originated in "moneyed" exotic owners. Fertile hunting grounds, I suppose.

This guy just "arrived" with a lot of money and played on a big stage. I've been around long enough to know you don't just show up. The guy had red flags all around him. Doesn't mean he's not a likable guy, but it just pays to "trust, but verify". I can't BELIEVE these banks were so gullible.

CW

 

The Osama I knew was an 18 year old kid back in the mid 90's who had a passion for fast cars and loved Ferrari's as anyone here on this board. He was a hard working young man who got involved in the father's business and helped make it succesfull. Osama and Belal would hang around the FOW showroom and salivate over the beautiful cars from time to time. He would bring his AMG Mercedes to get it detailed by Bobbie Scott and others. He would bring food to the guys in the shop sometimes. I had offered to take him out for a ride several times and his words to me, I would love to, but I want to wait until I am ready to buy one. This went on for many years. His business blossomed , he got greedy and the rest is history. He is a good human being that made a huge mistake and will pay for what he did for a very long time.

 

ditto the "Federal Pounding in the Arse" prison

 

Latest update: Osama El-Atari pleads guilty to fraud.

http://www.washingtonpost.com/wp-dyn/content/article/2010/04/29/AR2010042904797.html

Va. businessman pleads guilty to fraud in obtaining $53 million in loans

By Derek Kravitz
Washington Post Staff Writer
Friday, April 30, 2010

An Ashburn businessman who used nonexistent life insurance policies to get tens of millions of dollars in fraudulent bank loans pleaded guilty Thursday in federal court.

Osama M. El-Atari, 31, owned four Original Steakhouse and Sports Theatre locations in Maryland and Virginia before, authorities said, he used the life insurance policies to obtain more than $53 million in loans from banks in those states as well as in Ohio and Tennessee. He pleaded guilty to three counts of bank fraud and one count of money laundering in U.S. District courts in Alexandria and Ohio.

El-Atari's sentencing is July 30. He faces a maximum sentence of 30 years on each of the bank fraud counts and 10 years on the money laundering count.

Creditors said much of El-Atari's wealth was accumulated through the loans, some totaling $12 million. El-Atari used a number of fake domain names and e-mail accounts to convince bank managers that he had real collateral. El-Atari used some of the proceeds to buy exotic cars, including Lamborghinis and Ferraris, and a $3.8 million house in Loudoun County.

Atari disappeared in May and fled the United States, authorities said. He was arrested Jan. 30 in Austin.

A vice president at one of the swindled banks, United Bank, has also been charged in connection with the fraud. Sissaye Gezachew, 32, of Springfield was arrested Tuesday on a federal charge of conspiracy to commit bank fraud. Authorities said he accepted about $150,000 in bribes from El-Atari for signing off on $17.6 million in loans and creating fake financial documents.