Man Gets 12 Years For $71M Insurance Scam On Banks

Law360, New York (August 27, 2010, 5:22 PM EDT) -- A restaurateur was sentenced Friday to 12 years in prison for raking in more than $71 million by using fake life insurance policies as collateral for fraudulent loans he received from banks in several states across the country.

Judge Gerald Bruce Lee of the U.S. District Court for the Eastern District of Virginia also sentenced Osama El-Atari to five years supervised release and ordered him to pay $53.5 million in restitution for scamming the banks in order to help finance a lifestyle of luxury that included...
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