Fry's exec was getting Hot Deals - $65M!

[E55 KEV]

IRS: Fry's exec stole $65M to pay gambling debts

http://www.cnbc.com/id/28359453

http://cbs5.com/business/frys.electr....2.893328.html

http://www.forbes.com/feeds/ap/2008/...ap5853367.html

[ack_bak]

Why is this a bargain?

[E55 KEV]

Originally Posted by ack_bak

Why is this a bargain?

It's news from a place that routinely has Hot Deals posted here. This is the Hot Deals forum as the Fry's Exec was getting Hot Deals, more than he bargain for anyway. If topic does not fit the Mods will move it. If your are not interested - Unsubscribe.

[Angelinheaven]

Unbelievable.

[rdodolak]

I wonder were that other $100M came from? Hopefully those 5 Fry's vendors are also charged.

[Marquoz]

Worst thing is, Fry's will never see any of the money that he overpaid those companies. I can't believe it's only $300,000 bail! Compared to $65M that's chump change.

[MarkG]

The alleged scheme unraveled when another Fry's executive walked into Siddiqui's office in October and saw spreadsheets on his desk outlining the payments and alleged kickbacks, according to the complaint. Siddiqui wasn't there, so the executive took the documents, contacted the IRS and handed over the evidence.

What a dumb way to get caught.

[BoschRock]

This is the dumbest thing I've ever heard of. Well, it doesn't surprise me.

LOL@Him just laying all the evidence on his desk

Have fun in prison for embezzlement!

[indianajdp]

Originally Posted by Angelinheaven

Unbelievable.

No, actually it's not.

In a former "professional life" I was a NAM (National Account Manager) and Fry's was one of my accounts. The crap that went on at corporate, well, let's just say it was the absolute sleaziest organization I had ever had to deal with. Vendors were doing all sorts of things to get product on the shelves, and you knew part of it was probably "under the table". Among other things, Fry's cheated my company out of 2-3% annually, and referred to it as co-op dollars, despite my claims that we were not getting anything out of that money.

I fully expected this guy to be someone I had met or dealt with in the past, but he wasn't.

[Elandyll]

Originally Posted by Marquoz

Worst thing is, Fry's will never see any of the money that he overpaid those companies. I can't believe it's only $300,000 bail! Compared to $65M that's chump change.

Yep.
A $300.000 bail to a guy who had $165M in a private account (probably locked now), but who would seriously be surprised if this kind of guy would also have a "hidden" account with pocket money (in the 10s of millions) in the Caimans or Switzerland?
If they let this guy bail, he'll escape to South America and live happily as a millionaire for the rest of his scumbag life.

[Forrestandjen07]

Originally Posted by Angelinheaven

Unbelievable.

really?