A Virginia businessman accused of defrauding banks out of tens of millions of dollars will remain in jail after waiving his right to a detention hearing.
At a hearing Wednesday in federal court in Alexandria, a judge ordered 31-year-old Osama El-Atari of Ashburn, Virginia to stay in jail as prosecutors pursue an indictment on bank fraud charges.
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 had a penchant for driving flashy sports cars, absconded last year after banks became suspicious. He was arrested last month in Texas.
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