Fry’s Electronics Exec Files For Bankruptcy
SAN JOSE, Calif. (AP) — A former Fry’s Electronics executive accused of embezzling millions of dollars to cover gambling losses has filed for bankruptcy, listing nearly $137 million in debt.
According to Ausaf Umar Siddiqui’s bankruptcy filing, he owes about $20 million to Las Vegas casinos and also has debts at casinos in Connecticut and Britain although the amounts there are listed as unknown.
The July 13 filing in San Jose also says Siddiqui owes money to at least five Fry’s vendors. Federal officials charged Siddiqui in 2008 with embezzling millions of dollars by forcing vendors to pay kickbacks in order to place their goods on Fry’s shelves.
He has pleaded not guilty. The San Jose Mercury News (http://bit.ly/pJyYKp) reports Siddiqui’s trial was set for February, but the status of the case is now unclear.
Information from: San Jose Mercury News, http://www.sjmercury.com
Copyright 2011 The Associated Press.