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December 4, 2009

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Fry's exec arrested in alleged $65 million scheme to pay off gambling debts

(via San Jose Mercury News) · December 22, 2008 · 10:23 PM

UPDATED STORY: DA says Fry’s executive was major debtor in Las Vegas

The San Jose Mercury News is reporting that a one-time computer salesman who rose through the ranks to help build Fry's Electronics into a robust retailer is facing allegations that he defrauded the San Jose company out of $65 million, much of which he used to pay off enormous gambling debts in Las Vegas.

Ausaf Umar Siddiqui, 42, who goes by "Omar" and had been Fry's vice president of merchandising and operations, appeared Monday in federal court, where prosecutors filed a complaint alleging he masterminded a "secret kickback scheme to defraud Fry's Electronics of millions of dollars."

Discussion: 8 comments so far...

  1. Give him a year for each thousand he stole. That's what poor black youths get.

  2. Venetian's biggest player

  3. Comment removed by staff.

  4. second biggest ye gon was the biggest

    Ye Gon lost more than $125 million gambling in Las Vegas since 2004, authorities said. The Venetian hotel-casino, one of Ye Gon's favorite resorts, gave him a Rolls-Royce, he told The Associated Press in a recent interview

  5. If Ye Gon gives me 125 million-i'll give him free a Rolls-Royce. I'll even throw in a free buffet.

  6. I'll give the dude a plane with a roll royce engine

  7. Comment removed by staff.

  8. I dont remember anyone getting a Rolls but I do remember Chinese New Year of I think 2004, they rigged a ticket drawing from a drum and gave the prize, a Mercedes to some chinese guy that dropped a ton of money that weekend. 4 people lost their jobs over that one.

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