blackbenzz

Exactly. I had the same problem with the moderators/admins. That kid is no more than a lying used car slaesman. He lists all the cars he's flipped in his sig including cars his parents leased for him lol.

DuckyAMG

He was banned from 6speed.

novae500

M3 reminds me of my old neighbor. The guy was a mortgage broker during the heyday housing boom and making about $300k/year on these high risk/stated income loans and making a nice % for each approved loan. He first had a 03 CL500 when he first moved in. Then

yellow Porsche turbo 2005
599 Ferrari Maranello
CLS 550 white 2006
Maserati GT 2009

had each car for about a year and traded it in for the next. Eventually moved back to NYC when the bubble burst and no more loans coming thru.

then moved back to NYC since peeps were after him.

Reminds me of another guy that got busted for fraud!!
Osama El-Atari Pleads Guilty to Bank Fraud, Money Laundering
Former Ashburn Restaurant Owner Suspected of Faking Death in Brazil

By Jason Jacks


Thursday, 29 April 2010

A jet-setting former resident of Ashburn who lived a lavish lifestyle while also defrauding creditors out of tens of millions of dollars pleaded guilty April 29 to bank fraud and money laundering.


Osama El-Atari, the former owner of The Original Steakhouse and Sports Theater in Ashburn, faces up to 100 years in federal prison after he admitted in U.S. District Court in Alexandria to operating a fraud scheme that bilked $53 million from banks throughout the country.
"Mr. El-Atari's lavish lifestyle was financed on repeated deception which ultimately caused tens of millions of dollars in losses to the banks," Shawn Henry, assistant director in charge of the FBI's Washington, D.C., field office, said in a statement. "This type of greed and wanton disregard for others substantially harms the financial industry and consumers."
In May 2009, El-Atari, 31, was thought to have fled the country after creditors—several of them banks—filed a petition in U.S. Bankruptcy Court against him seeking millions of dollars in unpaid debt. He was arrested in Austin, Texas, in January.
According to court documents, El-Atari used fake life insurance documents containing falsified policy numbers, coverage dates, cash values, assignee names as collateral to acquire loans from banks in Virginia, Maryland, Ohio and Tennessee. At one of the banks, El-Atari reportedly paid an employee to help make his loan applications appear legitimate, the Washington Examiner reported.
Authorities said El-Atari would then use his loan money to finance his posh lifestyle.
A son of Jordanian immigrants, El-Atari was well known in Loudoun for his love of expensive cars, of which he once owned two Lamborghinis, two Ferraris and a Bentley Continental, among others. In 2007, he paid $3.5 million for two Original Steakhouse restaurants: the one in Ashburn and another in Maryland. He also owned a nearly $4 million mansion on Belmont Station Drive in Ashburn. Built in 2008, the house has a circular driveway paved in stately red bricks and enough garage space to house a fleet of vehicles. He also owned the empty lot next to the house, property records show.
Currently, the 8,000-square-foot house sits empty, and is controlled by El-Atari's defrauded creditors.
"I am hoping that the guilty plea and the terms of the plea agreement will help the creditors recover part of their losses," said Kevin McCarthy, the appointed trustee who is attempting to recoup the money El-Atari's creditors were swindled out of. He reportedly recently sold El-Atari's 2006 Ferrari 430 Challenger for $105,000. He said the Ashburn house will likely go on the market in the next few weeks, with proceeds to be split among creditors.
Peter Carr, a spokesman for the U.S. Attorney’s Office in Alexandria, could not comment where El-Atari fled to after he left the country or why he was found in Texas. He did say, though, that a reporter from Brazil recently called to inquire about the case. That reporter told Carr that El-Atari was suspected of faking his own death in Brazil.
When searched online, El-Atari’s name came up in numerous Portuguese-written Brazilian news websites. They mentioned that while in Brazil, El-Atari forged a death certificate in hopes of throwing law enforcement off his trail. However, after seeing the certificate, Brazilian officials notified the American consulate in Rio De Janeiro who, after finding El-Atari's name on a wanted list, notified law enforcement. Authorities in Brazil arrested two funeral home employees and a doctor for assisting El-Atari, reports said.
El-Atari will be sentenced on July 30. He faces up to 30 years in federal prison for each of three bank fraud counts and 10 years for one money laundering count.

blackbenzz

^ When do the houses/cars go up for sale? Lol

I wonder how many people had to complain before someone did something. At least they got it right in the end. He will be back under a different sn pretending to be someone else.

rrich49132

I have a better one. A guy I grew up two Korean brothers with who never even managed to graduate college and was always involved in some sort of shady business. When the tech stocks started to go threw the roof one claimed he was day trading and was making a killing and somehow started a hedge fund. Am sure you can imagine what came next. Claims of huge profits for years and money started coming in from everywhere.

These guys flew to Vegas and blew millions and went through cars and houses like you could not believe. When all was said and done they went through about 200 million.

In my entire life I have never met anyone who was a bigger BSer than these guys and cant see how anyone invested with them. The two brothers both are in jail one for 6 years and the other for like 30 years.

Here is a link to the story:

http://dactrung.net/phorum/tm.aspx?m=194928

jdeastbay

These stories always blow me away. The principles either have the largest ***** in history, or are mentally unstable. My guess is both. And people who throw money at things when your gut is telling you don't...yet it keeps happening. The land of opportunity

rrich49132

I just dont see how people with money are willing to invest in something like that without doing research. All it would of taken is to confirm this was not a registered hedge fund, also that the audits of finances where done by a company that did not exist. Also any sort of background check would of shown they never went to college, nor worked on Wall St. like they claimed.

DuckyAMG

He sent gave me negative "rep" points and his comment had a racial remark.

I asked the moderator if he could remove the racial statement and the moderator responded that he cleaned up the comment and was taking care of the offender.

I am guessing that was the straw that broke the camels back.