Skip to comments.Fry's Electronics Seeks $65 Million From Ex-VP Over Kickbacks
Posted on 10/19/2011 12:55:08 PM PDT by Stayfree
In a complaint seeking a finding of nondischargeability of debt, Fry's says former Vice President of Marketing and Operations Ausaf Umar Siddiqui defrauded the company willfully and maliciously and that its claim against the debtor therefore cannot be dismissed under federal bankruptcy..
(Excerpt) Read more at law360.com ...
If you have never been in Fry’s...its a warehouse of electronics, computer gear, etc. It is so popular that each store has about 30 or 40 cashiers!
From the San Jose Mercury News, In August:
Ausaf “Omar” Siddiqui was once a prized “whale” in Vegas, a high roller who demanded that casino butlers and bellboys call him “Mr. S” and fill his room with golden raisins, bottles of Dom Pérignon and Glitterati Mentissimo peppermints adorned with a single rose.
Siddiqui’s Chapter 7 bankruptcy filing July 13 in San Jose shows he’s on the hook for $11.5 million to the MGM Grand Hotel, $5.7 million to Caesar’s Palace, $2.3 million to the Palms Casino Resort, and $1 million to Hard Rock. That’s not to mention the “unknown” amounts he owes other creditors, Mohegan Tribal Gaming in Connecticut, and three high-end casinos in London — Les Ambassedeurs, Aspinalls and Maxim’s Casino Club.
On top of that, he owes money to at least five Fry’s vendors, the bankruptcy filing says. They are the same vendors who have sued him for more than $10 million, alleging he used his position at Fry’s to force them to pay kickbacks in order to place their wares on store shelves. He also faces $15 million in state tax liens, according to court records.
from the same article:
Total liabilities: $136,558,093
MGM Grand Hotel
in Las Vegas,
in Las Vegas,
Palms Casino Resort in Las Vegas, $2.3 million
Hard Rock Hotel and Casino in
Las Vegas, $1 million
Total assets: $6,952,821
32 acres on McKean Road in San Jose, valued at $1.1 million
Condominium on Charleston Avenue in Palo Alto, valued at $800,000
Furniture and home wares: $5,000
Cash on hand: $500
Checking account: $80
Source: Bankruptcy filing documents
Sounds like Omar had a gambling problem.
Seems like the Fry brothers weren’t minding the store...
One of my favorite examples for teaching my retail subordinates to think "out of the box" is to recall the most registers they've ever seen (usually WalMart/Target @ ~15) and then to imagine the most they might ever see--typically they'll say 20-25; then I take them to Fry's. (Actually, I know of a thrift store with 11 registers.)
wonder how much he owes in shy to various wiseguys..?
How could 32 acres in San Jose possibly be only worth $1.1 million.
Again, dump the tab on the infidels.
I remember this guy..! At the casino he was a VERY picky customer who insisted on having his a$$ kissed to an unbelievable degree:
They had to stock his closets with suits, and they could never approach him from behind —many, many other things, also.
The level of detail might have surpassed the treatment insisted on by Barbara Streisand. He had made them a booklet for it all, I think.
“If you have never been in Frys...its a warehouse of electronics, computer gear, etc. It is so popular that each store has about 30 or 40 cashiers!”
Why are they so popular?
I love my New Egg, but I’m obviously missing something by not having a Fry’s in St. Louis.
NewEgg, ewww....compare NewEgg prices to TigerDirect prices.
Fry’s is popular because they don’t mark up stuff for retail, prices are about the same as you would find if you ordered online, unlike the usual 15%-20% markup at BestBuy, etc.
I wonder if the dude is in deep, deep hiding somewhere? I don't think these are the kind of people he wants to be indebted to.
They are popular because they have everything you could ever think of wanting and their prices are very competitive.
I've not found that to be particularly true here in Atlanta. It's a wonderful place to look at lots of stuff but my shopping experiences there are much like This Blogger's:
But a visit to Fry's shows a reveals a gap between the intended audience and the people who shop there. Fry's has an undeserved reputation for low prices. While it is true that some of their advertised specials are incredible deals, the day in and day out prices are nothing special. Many shoppers also incorrectly assume that since Fry's carries so much computer equipment, both systems and components, that it is a good place to get advice. In fact the opposite is true. While a sales person at Best Buy may shrug his or her shoulders at a technical question, or provide an answer like "let me read the box" a Fry's Associate is more likely to make something up or intentionally lie. That is assuming you can find one.
It IS a great place to get that odd cable, fan, or power supply you need right away. Much better than Radio Shack in that regard.
For the big stuff, NewEgg online etc. whips them almost every time.
It's like a geek candy store. And if you're into instant gratification it's heaven. And I shop a lot at Newegg. No Frys down in Orlando though. I have to go up to Atlanta. Instead we're stuck with CompUSA (TigerDirect) trying to peddle all of stuff in the stores that they can't get rid of online.
CompUSA is the Goodwill of the electronics world.
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