The LA Times reported on the fraud charges filed against Omar Siddiqui, a top executive at Fry’s Electronics. He was a big time gambler in Las Vegas, once losing $8 million in a single day at the tables. He’s suspected of having squandered $167 million at casinos in the last ten years.
The story, written by Richard C. Paddock, has lots of juicy tidbits about Siddiqui’s arrogance and William Bennett-like addiction to gambling.
• On Dec. 19, two dozen federal agents descended on Fry’s corporate offices in San Jose and marched Siddiqui away in handcuffs. Siddiqui, the IRS contends, financed his gambling by taking at least $65.6 million in kickbacks. Charged with nine counts of money laundering and wire fraud, he faces 140 years in prison.
• Short and balding, Ausaf Umar Siddiqui — who goes by Omar — was an immaculate dresser fond of expensive suits. He owned a Ferrari, a Mercedes and a Palo Alto town house.
• At the Venetian, a casino executive said Siddiqui often stayed in a lavish Chairman Suite. The 7,000-square-foot apartment has a fountain by the front door, expensive art on the walls, four bedrooms, huge walk-in closets, a fitness room, a salon, 24-hour butler service and 26 television screens.
Near the suites, the Venetian provides a private gambling lounge for high rollers. Guests are served wine worth as much as $25,000 a bottle. Siddiqui preferred to gamble in the Salon, a semi-private area on the main floor.
High rolling Fry’s Electronics executive charged with fraud