Known for their jingle, “Your best buys are ALWAYS AT FRY’S” Fry’s Electronics has learned Ausaf Umar Siddiqui, 42, who goes by “Omar” their VP of merchandising and operations has been skimming (to say the least) to the tune of $65 million dollars.
The San Jose Mercury News reports:
A one-time computer salesman who rose through the ranks to help build Fry’s Electronics into a robust retailer is facing allegations that he defrauded the San Jose company out of $65 million, much of which he used to pay off enormous gambling debts in Las Vegas.
IRS Special Agent Andres Gonzalez outlined how Omar, allegedly used his powerful position in Fry’s to set up exclusive deals with several electronics vendors. Fry’s would overpay for routers, flash drives and other products by 30 percent or more, according to the complaint. The vendors, in turn, would then kick that overcharge back to Siddiqui through a shell company, according to the criminal complaint. Ausaf Umar Siddiqui mugshot.
While this story isn’t really about Public Records, it’s noteworthy to me because I had personally had problems with Fry’s Electronics in the past.
STAY TUNED: Preliminary Hearing/Arraignment set for 1/15/2009 09:30 AM before Magistrate Judge Patricia V. Trumbull.
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March 23rd, 2009 at 10:27 pm
This was one of the funniest stories I can even think of following. Who was watching the store as this guy was living as if he owned the F’n company? And this company still makes a profit!
These people deserve things like this happening to them.
I so love this site!
John J. Nazarian, P.I.