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A California man who claims to be a member of the Moroccan royal family was sentenced to 13 years and 11 months in prison, Monday, for defrauding business owners in the United States, local online newspaper Champion Newspaper reports.
Known as Hassan Ra El, the 45-year-old man pleaded guilty to mail fraud and two counts of felony theft. He made businesses pay more than $10 million in advanced fees for loans.
In addition to the sentence, the man is ordered by a federal judge in Atlanta to pay $5.51 million in restitution and have three years of supervised release after serving prison.
«The defendant has been held responsible for his elaborate advance fee loan scheme that took advantage of individuals and businesses that hoped to raise needed capital», said Byuang Pak, U.S. Attorney in the North District of Georgia office.
According to Pak, Hassan Ra EL pretended to be a wealthy investor and a member of the Moroccan royal family. He even falsely claimed that he had access to «the royal family’s funds that he could use for business loans».
«Mr. El created fraudulent documentation showing that insurance companies were offering default insurance policies on the loans», Pak said. He even convinced «prospective loan applicants that they had to pay default insurance fees, typically 10 percent of the loan amount before the loans would fund. When the loans failed to fund, El used fees from later loan applicants to partially refund fees from previous loan applicants», the Attorney said.
Hassan Ra El faked bank statements showing that the companies he claimed to control had millions of dollars, the same source added. Moreover, he used fraudulent email accounts to pretend that insurances had approved his loans.
«Mr. El used fees from loan applicants to fund his lifestyle, pay his living expenses, and to rent high-end automobiles, including a Ferrari, Range Rover and Lamborghini», Pak said.
El’s victims, or the applicants for his loans, lost $5 million and never received the promised loans. In 2006, the man was convicted for defrauding loan clients. After his conviction, he changed his name and continued to defraud businesses, the same source concluded.
