Monday, August 29, 2011

Update On Fry's Electronics Embezzlement Case: Siddiqui Files For Bankruptcy

Ausaf Umar Siddiqui, aka "Omar Siddiqui," 44, of Palo Alto, California and the former vice president of merchandising and operations for Fry's Electronics, Inc., has filed for Chapter 7 bankruptcy listing $137 million in debt, most of it to various casinos.  Siddiqui was originally criminally charged in a case initiated by the IRS, with five counts of wire fraud and four counts of money laundering for embezzling funds and receiving kickbacks by allegedly created a phony company, PC International LLC to receive vendor payments from Fry's.  The IRS ultimately indicted Siddiqui on 9 felony counts alleging a $6 million fraud.

Read the story here.

Read FraudTalk's earlier posts on this story here, here and here.

Update (9/13/11): Siddiqui has now pleaded guilty to wire fraud and money laundering for embezzling money through a massive kickback scheme.

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