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Creditors accuse ex-restaurateur of taking millions
A group of creditors has filed an involuntary petition for Chapter 7 bankruptcy in the name of a former Loudoun restaurant owner they claim owes them more than $41.6 million.
The petition was filed in U.S. Bankruptcy Court June 20 in reference to Osama M. El-Atari, of Ashburn.
El-Atari, who is in his early 30s, owned several restaurants in Northern Virginia, including The Original Steakhouse and Sports Theatre in Ashburn.
He is well known around the county for the cars he drives. In a 2007 interview with the Times-Mirror, El-Atari said he owned a Bentley GT, a Ferrari F430, a 2007 Mercedes S65, a Cadillac Escalade and a 2007 Porsche 911 Turbo.
“Cars are my passion,” he told the Times-Mirror.
The creditors who have filed the bankruptcy petition are United Bank of Vienna; BankAnnapolis of Annapolis, Md.; Kevin Korban, of Chevy Chase, Md.; and Northern Trust Bank, of Cleveland, Ohio.
David Tatge, the Washington, D.C., attorney representing the creditors, would not comment on the case.
On June 22, a summons was filed to notify El-Atari that the involuntary bankruptcy petition was filed in his name.
While bankruptcy court documents do not go into detail about the millions the banks claim El-Atari owes them, there is an explanation of the $230,000 Korban claims El-Atari owes him.
Korban says he loaned El-Atari $180,000 March 17, and El-Atari used it to make bridge loans to real estate ventures he had an interest in.
Korban also guaranteed a $100,000 loan made to El-Atari by Robin Gemenier for the same purpose.
To date, Korban says, El-Atari has only paid back $50,000 of what was owed to Gemenier, so Korban is seeking the other $50,000 he guaranteed in that loan along with the $180,000 from the loan he made to El-Atari.
Documents filed in Loudoun County Circuit Court's civil division May 13 provide some insight into United Bank's claim against El-Atari.
In that case, United Bank is seeking $13.8 million.
Court documents show that El-Atari took out a loan from United Bank in December 2007 using three life insurance policies from Lincoln Benefit Life Co. as collateral.
El-Atari provided documentation of the life insurance policies, so United Bank granted the loan; however, according to court records, that documentation proved to be false. According to an insurance fraud investigator from Lincoln Benefit Life Company, two of the policy numbers El-Atari gave United Bank never existed, while one was registered to someone else.
Court documents state that when United Bank confronted El-Atari about the policies in question, he admitted that they were invalid and “promised several times to come to the bank with payment, at least in part, within days,” but never showed up.
When United Bank representatives tried to get in touch with El-Atari again, they were told that he was in London, documents said.
After the case was filed, Loudoun County Circuit Court Judge James H. Chamblin ruled that “there is strong evidence of fraudulent conduct” on the part of El-Atari. Chamblin gave United Bank permission to collect money from El-Atari's bank accounts.
But when garnishment summonses were delivered to several banks in Leesburg where El-Atari was believed to hold accounts, all of the accounts had either been closed or had all of the money withdrawn from them, court documents said.
Chamblin also ruled that El-Atari has absconded under Virginia law since he has failed to appear at meetings he agreed to attend with United Bank.
As of the Times-Mirror's deadline, no criminal charges regarding this case have been filed against El-Atari in Loudoun courts or federal courts.
A message at El-Atari's home phone number said that the phone has been temporarily disconnected. His address is on Belmont Station Drive in Ashburn.
Employees of the restaurants El-Atari owned have posted on a message board saying he no longer has anything to do with the restaurants and the new owner is former Washington Redskin Marvcus Patton.
A message left on Patton's cell phone was not returned by the Times-Mirror's deadline.
Contact the reporter at jwagoner@timespapers.com
Uhhhhh, so why have no criminal proceedings been filed yet? Oh that's right, it's LoDown County. Where they worry about petty things like septic inspections instead of frying the big fish! Way to go!
Posted by NovaDifferenceMaker
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Americans lending money to another Osama and expecting to be repaid?
Posted by segeny
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I went to high school with this guy and I wouldn't have lent him my lunch money.
Posted by dcist
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gee, this guy didn't really have the money? hard to believe someone selling chicken wings couldn't afford ferarris and lamborghinis and porches and high end mercedes.
oh, and nice investigative journalism on how he was able to register all these cars in Montana and Alaska costing the state who knows how much in property taxes.
Posted by andypolley
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The King of Ashburn, Lurch Papa is salty and bitter...
All the best to the employees of The Original Steakhouse and BWF.
Posted by Wup@c
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Segeny... Another ignorant American judging someone solely based off their name. Plenty of natural born Americans (of every race and color) defrauding other Americans. Where's your disdain for them?
And how is this guy avoiding criminal prosecution? No insurance fraud charges or receiving monies under false pretenses? His criminal actions crossed several state lines, so isn't the FBI entitled to investigate? Shouldn't they be investigating. I get hounded about a missing county sticker but this guy is pocketing millions obtained unlawfully and walks away untouched.
Posted by nicoledee
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nicoledee - - My disdain for both Osamas is on a par with my disdain for others like them (Madoff come to your wee mind?) and with supercilious snobs (anyone come to your wee mind?).
Posted by segeny
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Wow check out the specs on this criminal's home:
His basement is the size of my whole house! Wow! Crime really does pay!
Recordation Date: 12/01/2008
Sale Price: $3,836,105
Deed Year: 2008
Fair Market Total: $3,650,000
Structure Information #1 Assessment: $3,386,600
Year Built: 2008
Total Living Area: 7,925
Occupancy Code: SINGLE FAM
Address: 19946 BELMONT STATION DR
ASHBURN VA 20147
Primary Area
Construction: BRICK VENEER
Garage 736
Garage 624
Porch OPEN POR/COV 1 STY 90
Porch OPEN POR/COV 1 STY 280
Porch WOOD DECK 280
Porch FLAGSTONE/CONCRETE 720
Total Basement: 4067
Finished Basement: 3659
Basement Entrance: NO
Bath Count
1/2 Bath: 1
Full Bath: 6
Posted by NovaDifferenceMaker
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Osama, Osama, Osama..... if you are reading this, I hope you are well. Props on your honesty about bogus LI policies.
When you return to the U.S., address the bankruptcy issues. I know you'll work it all out. It's not worth it, babe, any other way. Hugs, a
To everyone else - back off.
Posted by a_friend
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