Submission + - Fry's Exec Arrested for Embezzling $65M (sfgate.com)
ewhac writes: "The vice president of mechandising and operations for Fry's Electronics, Ausaf Umar Siddiqui, was arrested last Friday on charges of embezzlement to the tune of at least $65 million. Sales representatives are normally independent contractors, to preserve impartiality during negotiations. According to IRS allegations, Siddiqui convinced Fry's management he should be sole sales representative. He then struck side deals with major vendors (not named in the complaint) starting in 2005 where, in exchange for placing large orders and keeping their products on the shelves, the vendors would pay enormous kickbacks to a shell corporation set up by Siddiqui, called PC International. Siddiqui used the money to lead an extravagant lifestyle, racking up nearly $18 million in casino gambling losses. He is currently held on $300,000 bond."