Monday, December 29, 2008

Update On Fry's Embezzlement Case: Company Sues Siddiqui

Recall from FraudTalk's original post on this story that Ausaf Umar Siddiqui, aka "Omar Siddiqui," 42, of Palo Alto, California and the former vice president of merchandising and operations for Fry's Electronics, Inc., was arrested recently on charges he engaged in a $65.6 million kickback scheme with certain of the company's suppliers. Fry's is now suing Siddiqui in a civil recovery action in Santa Clara County Superior Court over an unpaid promissory note from the company. The civil case seeks to recover some $10 million, plus compounded interest and the forfeiture of two luxury vehicles and a condominium used as collateral.

Read the story here.

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