Ausaf Siddiqui (also known as Omar Siddiqui) was born in Pakistan in 1966.
During the time he spent working at Fry’s Electronics, he embezzled money, which led to money-laundering and wire fraud, which resulted in him gambling over $162 million in Las Vegas, USA.
Early Childhood
He was born in Pakistan and grew up in the US, but little is known about his childhood.
Fry’s Electronics
Siddiqui began working for an electronics and computer retailer called Fry’s Electronics.
He was promoted to Vice President of the Company in 1999 and was earning $225 000 annually. In an effort to pay higher prices for goods purchased by the Company, Siddiqui made his money by accepting kickbacks from suppliers. Funds were channelled through a shell company called PD International, which he set up.
The Company hid a total of $65.6 million in kickbacks.
A Las Vegas high roller
Siddiqui was addicted to gambling and preferred to play Blackjack. Dealers called him a “blackjack machine” because he liked it when the cards were dealt extremely quickly. A typical bet for him is $200 000.
Arrogant and high-living, he was lavished with luxury suites, private jets, luxurious holidays and casino cash by the casinos.
In addition, they extended him million-dollar credit lines so that when he won at one casino, he used the winnings to repay the credit at another.
Fraud conviction
An Employee saw documents on Siddiqui’s desk in 2005 that showed extraordinary commission payments.
Ultimately, in 2008, the employee exposed his fraud, which resulted in his conviction for money laundering and wire fraud, as well as his jail sentence of six years. This also resulted in him declaring bankruptcy as he could not pay any of his gambling debts.
At the time of his bankruptcy filing, Siddiqui owed $137 million in debt.