Fry's VP uses company cash

[MattCo]

Did he not think he would get caught sooner or later???

Link

 

[Pardus]

SAN FRANCISCO (AP) ?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.

at least he was fired.

 

[AkumaX]

Damn... real quick for those who can't watch the video:

The VP told Vendors (like ECS!) that they have to pay kickbacks of up to 31% to a fake company (his) in order to do business with Fry's

So ECS motherboards could have been even cheaper...

 

[PottedMeat]

Originally posted by: MattCo
Did he not think he would get caught sooner or later???

Link

From the video apparently he cut out the fry's sales reps, dealt directly with the suppliers, and setup a separate company to funnel the kickbacks. So probably he thought he would never get caught unless the supplier asked someone else at frys whats up or left a spreadsheet out of his dealings ( dumbass ).

 

[foghorn67]

Originally posted by: AkumaX
Damn... real quick for those who can't watch the video:

The VP told Vendors (like ECS!) that they have to pay kickbacks of up to 31% to a fake company (his) in order to do business with Fry's

So ECS motherboards could have been even cheaper...

To hell with ECS. I think 7 out of their 10 boards are defective.

 

[Crono]

$65 million could have opened plenty of stores here on the east coast.
Why, Siddiqui, why? 🙁

 

[NFS4]

Originally posted by: Crono
$65 million could have opened plenty of stores here on the east coast.
Why, Siddiqui, why? 🙁

Yeah man, we need some Frys here in NC to combat Best Buy

 

[AmberClad]

Originally posted by: NFS4

Originally posted by: Crono
$65 million could have opened plenty of stores here on the east coast.
Why, Siddiqui, why? 🙁

Yeah man, we need some Frys here in NC to combat Best Buy

No MicroCenter either?

 

[Crono]

Originally posted by: AmberClad

Originally posted by: NFS4

Originally posted by: Crono
$65 million could have opened plenty of stores here on the east coast.
Why, Siddiqui, why? 🙁

Yeah man, we need some Frys here in NC to combat Best Buy

No MicroCenter either?

There's only one here in NY, on Long Island. Way too far for regular trips for me.
Apparently there is one in Paterson, NJ, which is closer, only 30 minutes away. I think I'll try going there one of these days.

 

[compuwiz1]

Siddiqui?

Oh, teh noes. My wife's half sister has a boyfriend by the same last name and he is a scammer as well. So far all we know of is that he's burned relatives and friends. I hope they're not related. This guy came over from Pakistan on a tourist visa, then disappeared into a large city, not returning to his country as expected. :shocked:

 

[MooMooCow]

This would explain why the Fry's I worked at had over 400 copies of a fishing game for the PS2........

 

[NFS4]

Originally posted by: AmberClad

Originally posted by: NFS4

Originally posted by: Crono
$65 million could have opened plenty of stores here on the east coast.
Why, Siddiqui, why? 🙁

Yeah man, we need some Frys here in NC to combat Best Buy

No MicroCenter either?

Nope, all we have is Best Buy, Circuit City, and Tiger Direct.

 

[TallBill]

Ok seriously, death penalty...

 

[NFS4]

Originally posted by: TallBill
Ok seriously, death penalty...

If you want the death penalty for $65 million, what do you say to Bernard Madoff and his $50 billion Ponzi Scheme?

 

[0roo0roo]

kinda sad.
we need frys as an alternative to shady best buy.
30 stores vs 1400+!

 

[Q]

Originally posted by: NFS4

Originally posted by: AmberClad

Originally posted by: NFS4

Originally posted by: Crono
$65 million could have opened plenty of stores here on the east coast.
Why, Siddiqui, why? 🙁

Yeah man, we need some Frys here in NC to combat Best Buy

No MicroCenter either?

Nope, all we have is Best Buy, Circuit City, and Tiger Direct.

I don't even have Tiger Direct, just BB and CC

 

[0roo0roo]

Originally posted by: Quintox

Originally posted by: NFS4

Originally posted by: AmberClad

Originally posted by: NFS4

Originally posted by: Crono
$65 million could have opened plenty of stores here on the east coast.
Why, Siddiqui, why? 🙁

Yeah man, we need some Frys here in NC to combat Best Buy

No MicroCenter either?

Nope, all we have is Best Buy, Circuit City, and Tiger Direct.

I don't even have Tiger Direct, just BB and CC

i think theres like 1 microcenter in northern california😛

 

[trmiv]

Originally posted by: NFS4

Originally posted by: Crono
$65 million could have opened plenty of stores here on the east coast.
Why, Siddiqui, why? 🙁

Yeah man, we need some Frys here in NC to combat Best Buy

One of the things I miss most after moving to NC from the SF Bay Area is Fry's. I honesty never thought I'd say I miss Fry's, but the electronics store offerings in this area suck. Tiger Direct is horrible.

 

[Queasy]

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

Ok, you know you have a problem when....

 

[manly]

Originally posted by: AkumaX
Damn... real quick for those who can't watch the video:

The VP told Vendors (like ECS!) that they have to pay kickbacks of up to 31% to a fake company (his) in order to do business with Fry's

So ECS motherboards could have been even cheaper...

Yeah how is that even possible?!

 

[jagec]

Originally posted by: NFS4

Originally posted by: TallBill
Ok seriously, death penalty...

If you want the death penalty for $65 million, what do you say to Bernard Madoff and his $50 billion Ponzi Scheme?

Research zombie technology I guess.

 

[olds]

Originally posted by: AkumaX
Damn... real quick for those who can't watch the video:

The VP told Vendors (like ECS!) that they have to pay kickbacks of up to 31% to a fake company (his) in order to do business with Fry's

So ECS motherboards could have been even cheaper...

Aren't ECS boards cheap (crap) anyway?

 

[DayLaPaul]

I wonder what he played.

 

[flxnimprtmscl]

And people wonder why the average American hates corporate America.

 

[zerocool84]

Watch some retard lawyer use the defense that he had a sickness and that Fry's Corp. should have provided him help and that they are liable. I hate most lawyers now-a-days.