WHAT A HEEL: Employee Fingers Embezzling Fry’s Exec
Fry's Electronics VP Ausaf Umar Siddiqui, a Ferrari-driving, private-jetting Vegas high roller, has been arrested at the company’s headquarters in San Jose, CA, on charges he embezzled more than $65.6 million from his employer. The IRS' Criminal Investigation division, alleges that Siddiqui set up a shell company, PC International, that “cut side deals” with five of Fry's vendors from January 2005 to November 2008, “buying their goods at higher prices than they would normally get, and buying more of them than he normally would, in exchange for kickbacks of up to 31 percent of the total sales price,” reports The Associated Press. Siddiqui, who reportedly forked over $17.9 million of his ill-gotten gains to the Venetian Casino Resort, was ratted out to the IRS by another Fry’s executive who saw spreadsheets detailing the kickback scheme.
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