Fry's exec busted for $65MM embezzlement scheme, Vegas flings

From the AP:

SAN JOSE (AP) - A Ferrari-driving vice president of Fry's Electronics Inc. who was allegedly such a heavyweight gambler that casinos chartered private planes to fly him to Las Vegas has been arrested on charges he embezzled more than $65 million from the retailer to fuel his lavish lifestyle and pay off debts.

Ausaf Umar Siddiqui is accused by the IRS of concocting an incredibly profitable scheme in which he cut side deals with some of Fry's suppliers, 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.

Fry's Exec Accused In $65M Embezzlement Scheme [CBS5.com/AP]

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