A Virginia businessman accused of defrauding banks out of tens of millions of dollars will remain in jail as he seeks a lawyer to represent him.

At a detention hearing Wednesday in federal court in Alexandria, 31-year-old Osama El-Atari told a judge that he still working to find a lawyer. The judge postponed El-Atari's hearing for a week.

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.

El-Atari, who owned steakhouses and had a penchant for driving flashy sports cars, had been thought to have fled the country until he was arrested earlier this month in Texas.

©2010 The Associated Press. All rights reserved.