Fry's VP Arrested for Embezzling over $65M

From DailyTech: Fry's VP has allegedly embezzled over $65 million from the retailer to fund a lavish lifestyle that included massive gambling and a penchant for driving Ferrari's. The VP in question is Ausaf Umar Siddiqui and he is accused by the IRS of cutting deals with some of Fry's largest suppliers to buy larger orders of goods from them in return for kickbacks and higher than normal commissions.

Siddiqui allegedly often bought the goods at higher prices than he could have received in exchange for kick backs of up to 31% of the total sales price according to the Associated Press. The kickbacks were funneled into a company that Siddiqui set up called PC International.

The IRS reports that five unnamed vendors had made deposits into accounts owned by PC International totaling $65.6 million. Of the amounts deposited, a massive sum of $17.9 million was paid out to Las Vegas Sands Corp, the operator of the Venetian Casino Resort in Las Vegas according to complaints filed in the case.

Siddiqui's gambling habits were so massive that the casino would charter private jets to fly him to Las Vegas to gamble. The man was arrested at Fry's headquarters and a judge ordered him held on a $300,000 bond.

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