Subscribe via email

Tuesday 23 December 2008

Ausaf Umar Siddiqui, 42, who goes by "Omar" and was Fry's vice president of merchandising and operations, appeared Monday in federal court,

Ausaf Umar Siddiqui, 42, who goes by "Omar" and was 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." Fry's executives didn't know about the illegal kickbacks, the federal complaint states. After 10 years with the company, Siddiqui was fired Monday. Siddiqui was known around the office for driving fast cars, carrying wads of $100 bills in his pocket and boisterously rooting during sports events he watched on the four TV screens in his office. He spent $162 million in three years at the MGM Grand Casino and Las Vegas Sands Casino, according to his bank statements detailed in the complaint written by IRS Agent Andres Gonzalez.The suspected scheme occurred from 2005 until mid-October when a high-level Fry's employee walked into Siddiqui's office at 600 E. Brokaw Road and saw confidential spreadsheets, letters and extraordinarily high commission amounts on Siddiqui's desk. Siddiqui is expected to be formally charged with money-laundering and wire fraud in U.S. District Court on Jan. 15.According to the complaint, which was unsealed Monday, Siddiqui made "secret, backroom sales contracts to vendors, and in return, vendors gave him a kickback."

0 comments:

Related Posts Plugin for WordPress, Blogger...