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Fry's Exec Allegedly Stole $65M For Gambling Debts

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Dec 22, 2008 9:07 pm US/Pacific

Fry's Exec Allegedly Stole $65M For Gambling Debts

SAN FRANCISCO (AP) ―

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A vice president of Fry's Electronics is accused of embezzling more than $65 million from the retailer to fuel his lavish lifestyle and pay off gambling debts.

The Internal Revenue Service says in a criminal complaint that Ausaf Umar Siddiqui of Palo Alto cut side deals with some of Fry's suppliers. He allegedly paid higher prices for their goods and bought more of them than he normally would in exchange for kickbacks.

Authorities say the Ferrari-driving Siddiqui was such a heavyweight gambler that casinos chartered private planes to fly him to Las Vegas.

An IRS spokeswoman says Siddiqui is expected to be formally charged in the next few weeks.

It wasn't immediately clear whether he had a lawyer.

A Fry's spokesman did not return an after-hours call seeking comment.

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