Impossible.
No FrysGuy is that smart.
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Posted on 12/28/2008 8:01:49 PM PST by Lorianne
As head of the bad check unit at the Clark County, Nev., district attorney's office, Zadrowski has seen a lot of deadbeat gamblers reported by the casinos on the Las Vegas Strip - at least 700 a month, a number that has climbed as the economy has soured.
But a few of those names stick in his memory - and Ausaf Umar Siddiqui is one of them.
Turns out the Clark County district attorney's office is one of a number of agencies that has been watching Palo Alto resident Siddiqui, 42, who was arrested Friday on a federal complaint of wire fraud.
IRS investigators accuse Siddiqui of organizing a kickback scheme from his office in the San Jose headquarters of Fry's Electronics, where he was a vice president in charge of purchasing. The IRS alleges that by changing policies so he could buy directly from vendors and then convincing several vendors to charge Fry's commissions that they kicked back to him, Siddiqui had accumulated about $65 million in a shell company account since 2005.
That money was allegedly part of more than $120 million that the IRS says Siddiqui, who associates said enjoyed a high-flying style that included high-stakes baccarat, paid to several Las Vegas casinos during the same period. The IRS is still investigating the case, and the complaint does not make clear where the rest of the money came from.
The complaint leading to his arrest is the latest in Siddiqui's long history of financial and legal woes, which have included multimillion-dollar lawsuits from several casinos in Las Vegas and Atlantic City dating back to at least 2004. Siddiqui also faced an $18 million tax lien, according to public records, and had borrowed millions from Fry's, secured by his Palo Alto home, San Jose land and luxury cars.
(Excerpt) Read more at sfgate.com ...
Impossible.
No FrysGuy is that smart.
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“Siddiqui had accumulated about $65 million in a shell company account since 2005.”
Wow. Isn’t Fry’s about to go under? It’s simply amazing to me how many big-name companies are being put in this position due to the criminally-minded, “Me First!” dudes at the helm.
Does anyone think that our ‘Elected Criminals in Government’ are any indicator of why people are acting this way?
Think this money was earmarked for Evil versus Good? ;)
What’s amazing is that no one in corporate management thought this guy borrowing money from the company raised any red flags. Here’s hoping they kept the grocery chain. Kickbacks on lettuce don’t hurt you much.
Where did you hear that?
This guy needs to be in politics, the DNC has to have a position for him somewhere.
I thought I read that here, in an article that was predicting ten businesses that will go under in 2009.
I could be wrong.
If they can take a 65 million dollar hit and keep on going, more power to ‘em. ;)
Actually the electronic chain was started with the money the old man gave his kids after he sold the grocery chain.
This guy is going from Fry's Electronics to Fries and Burgers, after a stint in the slammer.
Chuck Fry seems to have lost his talent at business management. Fry Electronics has the sleeziest employees.
No sign of that in any of the stores. At Christmas they had their 'traditional' 3000-4000 foot long checkout lines that snaked through every aisle in the stores.
But some of the girls may be.
Not the same business, but the same owner. Actually, he sold the grocery business, and it is now mostly called SAvemart, or Foodmaxx, except for Arizona I think. Chuck's son Randy is supposed to be running the electronics, but he isn't as sharp as the old man.
Our local Fry’s has a full parking lot just about every day of the week.
Yes... Fry's food stores exist all over the place in AZ.
I still remember the old Fry's supermarket on El Cam in Santa Clara/Sunnyvale. < /fogey >
One remnant of the supermarket biz that you see in the Fry's computer stores is the "Walk of Junk Food" that they hit you with on the way to checkout.
Yes, I always hit the Girrardelli dark chocolate on the way out.
The employees in Fry's around here are anything but representative of the population.
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