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Fry's sues former VP
AUSAF Umar Siddiqui, a former VP of electronics giant Fry's, is being sued by the company which wants $10million they say he borrowed and didn't pay back.
Inspector Knacker of the Santa Clara Yard arrested Siddiqui and charged him with embezzling over $65 million from the company over the last three years.
Now it seems that Fry's want to get some of the cash it loaned Siddiqui over the last five years which he has failed to pay back. It must be nice to work for an outfit that loans you $10 million and forgets to notice that you haven't paid it for five years.
Fry's has demanded that Siddiqui hand over the keys to his Ferrari, Mercedes-Benz and condo in Palo Alto.
He apparently used the two cars and condo as collateral when he received two promissory notes for the cash.
Prosecutors said that Siddiqui was so well known as a gambler that the Las Vegas casinos would charter private jets and fly him to Sin City for the weekend. He apparently owes them a fair bit too and might have been paying them off with money that wasn't strictly his to spend.
Coppers started to wonder where he got the cash from and had a look under the bonnet of his finances. They discovered that he had been getting exorbitant commissions as a middleman between Fry's and Asian tech product suppliers. He funneled the money through a straw company called PC International. The vendors, such as US Media Technologies, Elitegroup Computer Services, Phoebe Micro and Lead Data International, were guaranteed steady business.
Siddiqui will appear in court next month to officially face wire fraud and money laundering charges. µ
L'Inq
Mercury
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Pretending that lying, cheating and stealing are how free markets operate is a bald faced lie. The profit motive does not lead to corruption, human weakness does. But then Communism has only killed 50 million people, and Socialism has only impoverished a few hundred million more. Lets all just hand our destiny over to the state and let it decide what is best for us.
what do u expect, unregulated markets, and money itself, particularly a fractional reserve banking practices all create this sort of corruption. people are given rewards for making profits, so he did nothing wrong, its the market that allowed such things to take place
Frys is one of those places I find has some of the worst quality items in my area. I have so many horror stories about that place from other people too. To hear that some putz stole 65 million dollars doesn't surprise me one bit.
No. we should NOT bail them out. They don't deserve it.
That your register isn't $20 short at the end of the day, Billy, or you're fired!
Astounding that a company would let a lowly VP run roughshod over the entire company. $65 million? Where were the auditors? If Fry's has received unqualified audits, I'd be looking at the auditors for complicity. Is Fry's next to declare total bankruptcy so the American people can once again bail out suited crooks and thieves?