Is that why Frys prices went up lately? - Mercedes-Benz Forum

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post #1 of 2 (permalink) Old 12-23-2008, 06:41 PM Thread Starter
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Is that why Frys prices went up lately?

Fry's exec accused of stealing $65 million

12-23) 12:43 PST San Jose - --

A Palo Alto man who rose through the ranks of Fry's Electronics Inc. - from selling computers to overseeing the purchasing of all merchandise sold through the chain's 34 stores - appeared in federal court in San Jose on Monday facing charges he used his position to embezzle more than $65 million to help pay off huge debts at Las Vegas casinos.
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In a federal complaint filed Friday and unsealed Monday, IRS Special Agent Andres Gonzalez outlined how Ausaf Umar Siddiqui, 42, allegedly used his powerful position in Fry's to set up exclusive deals with several electronics vendors.

The scheme led Fry's to overpay for routers, flash drives and other products by 30 percent or more, according to the complaint. The vendors, in turn, would then kick that overcharge back to Siddiqui through a shell company, according to the complaint.

That cash wound up in an account that Siddiqui used to pay off several Las Vegas casinos, according to the federal complaint, which alleges that Siddiqui - whose salary at Fry's was about $225,000 - has paid more than $120 million to three Las Vegas casino companies since the beginning of 2005.

Bail for Siddiqui was set at $300,000 and he was ordered to wear an electronic monitoring bracelet if released, said Arlette Lee, spokeswoman for the IRS' Criminal Investigation
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post #2 of 2 (permalink) Old 12-23-2008, 08:03 PM
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Las vegas my foot... I say Fry's where Ah the Meds get their funding.

Yet records suggest Siddiqui's finances continued to slip. In late 2006, Fry's loaned him more than $5 million, which was secured by collateral, including Siddiqui's Ferarri, his Mercedes, his modest Palo Alto townhouse and a 25-acre parcel of ranchland he owns in San Jose. Fry's Valerio was not able to provide details on the circumstances of the loan or the reasons Siddiqui needed the money, but records show that in 2007 the IRS ordered him to pay more than $18 million in back taxes.
Since 2005, according to the complaint, Siddiqui collected more than $65 million in kickbacks from five vendors - Behavior Tech Computer Inc., Phoebe Micro Inc., Lead Data International Inc., Promedia Technologies Inc. and Elitegroup Computer Systems.

Last edited by mlfun; 12-23-2008 at 08:10 PM.
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