Ausaf Umar Siddiqui is a businessman who was working as the Vice President for Fry’s Electronics in San Jose, California. Ausaf liked to gamble and would post high stakes on baccarat games in Las Vegas and Atlantic City casinos. In appearance Ausaf seemed to be the ultimate high roller, gambling large amounts and though he lost he did pay his debt, eventually.

The IRS claims that Ausaf had to pay more than $120 million for payment due to the MGM Grand and Las Vegas Sands. The amount has been sent over time since 2005. This past Friday the IRS filed a complaint on Ausaf stating that he was gambling with stolen money.

It has been alleged that Ausaf embezzled more than $65 million through a scheme he had been working for years at Fry’s Electronics. Ausaf was arrested on Friday and taken to jail. Come to find out Ausaf used to be a computer sales man and worked at Fry’s Electronics until he earned the Vice President position. His salary annually was close to $225,000 which is hardly high roller status.

Ausaf was fired the same day he was arrested and his bail was set at $300,000. He was also told that he must accept electronic monitoring to be released on bail. Ausaf’s lawyer has stated that people should presume Ausaf’s innocence. A spokesperson for Fry’s Electronics called Ausaf’s arrest “distressing, dismaying and disheartening”.

IRS Special Agent Andres Gonzalez stated that Ausaf allegedly used his Vice President status to set up a multimillion dollar kickback scheme and the proceeds went to the casinos.


- 2008-12-26