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casinos. Suspicion began in 2005, when an employee saw "confidential spreadsheets, letters and extraordinarily high commission amounts on
Siddiqui’s desk". Siddiqui had claimed he was a co-owner of the company. One company, Phoebe Micro of Fremont, claimed it was the victim of Siddiqui. General
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between 2005 and 2008. He was known by casino employees as a "blackjack machine", according to one casino industry veteran "you couldn’t deal fast enough". Siddiqui gambled so fast he would "red line the house limit". Siddiqui was also known as a lavish spender who enjoyed fast cars, bottles of
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Siddiqui is considered among the largest losers in casino gambling history. He was sentenced to six years in prison for his crimes after he pled guilty to "one count of wire fraud and one count of money laundering" in a plea deal where the government agreed to drop seven other felonies.
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money from his employer through money-laundering and wire fraud. He pled guilty and declared bankruptcy in 2011 after remaining listed as $ 137 million in debt.
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of the company. He received an annual salary of $ 225,000. Siddiqui negotiated with suppliers to pay higher prices in exchange for
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manager, Peter Liu said
Siddiqui asked to pay a "high marketing fee so Fry’s would prominently display Phoebe’s products".
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which amounted to as much as 31%. He set up a shell company PC International, which hid the $ 65.6 million in kickbacks.
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According to IRS Agent Andres
Gonzalez, Siddiqui spent $ 162 million at
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Siddiqui was hired by Fry's
Electronics in 1988. Omar was promoted to
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108:"Fry's exec accused of $ 65 million fraud to pay off gambling debts"
163:"Fry's Electronics to Omar Siddiqui: You still owe us $ 65 million"
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Siddiqui reportedly wire transferred $ 70.4 million to
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Rose and bowls of
Glitterati Mentissimo peppermints.
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