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

 
LinkBack Thread Tools Display Modes
post #1 of 2 (permalink) Old 12-23-2008, 07:41 PM Thread Starter
BenzWorld Elite
 
Date registered: Jul 2006
Posts: 5,543
Mentioned: 0 Post(s)
Quoted: 0 Post(s)
(Thread Starter)
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.
Images
View More Images
Video
View Larger Size

More News
Obama attends memorial for his grandmother, 'Toot' 12.23.08
Police: Dallas shooting suspect is ex-Utah trooper 12.23.08
Texas report: Kids in sect suffered neglect, abuse 12.23.08


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
maine_coon is offline  
Sponsored Links
Advertisement
 
post #2 of 2 (permalink) Old 12-23-2008, 09:03 PM
BenzWorld Elite
 
Date registered: Mar 2006
Vehicle: 1999 ML320
Location: Ratville
Posts: 24,029
Mentioned: 1 Post(s)
Quoted: 310 Post(s)
Las vegas my foot... I say Fry's where Ah the Meds get their funding.

Quote:
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 09:10 PM.
mlfun is offline  
Sponsored Links
Advertisement
 
Reply

  Mercedes-Benz Forum > General Mercedes-Benz Forums > Off-Topic

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the Mercedes-Benz Forum forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in











  • Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
     
    Thread Tools
    Show Printable Version Show Printable Version
    Email this Page Email this Page
    Display Modes
    Linear Mode Linear Mode



    Similar Threads
    Topic Author Forum Replies Last Post
    ED Prices? steve o W204 C-Class 7 09-14-2007 02:21 AM
    GL Prices? slackerguy X164 GL-Class 5 05-01-2006 04:03 PM
    UK Prices for new SL JSYE320 R230 SL-Class 0 03-10-2006 12:58 PM
    Prices... cobrain W203 C-Class 2 10-06-2004 07:31 PM
    Used prices Kirk G-Class 5 10-27-2001 09:07 AM

    Posting Rules  
    You may post new threads
    You may post replies
    You may not post attachments
    You may not edit your posts

    BB code is On
    Smilies are On
    [IMG] code is On
    HTML code is Off
    Trackbacks are On
    Pingbacks are On
    Refbacks are On

     

    Title goes here

    close
    video goes here
    description goes here. Read Full Story
    For the best viewing experience please update your browser to Google Chrome