Ausaf Umar Siddiqui (Known as Omar Siddiqui) was born in Pakistan in 1966.
He is known for gambling over $162 million in Las Vegas, USA from 2005 to 2008 after embezzling money from his employer Fry’s Electronics, through money-laundering and wire fraud.
The Early Years
Not much is known about Siddiqui’s childhood, except that he was born in Pakistan and moved to the USA as a child.
Siddiqui started working at an electronics and computer retailer called Fry’s Electronics.
In 199 he was promoted to Vice President of the Company and was earning an annual salary of $225 000. Siddiqui made his money by accepting kickbacks from suppliers in return for paying higher prices for the goods purchased by the Company. He funnelled the funds through a shell company he set up called PD International.
The Company hid in the region of $65.6 million in kickbacks.
High Roller at Las Vegas Casinos
Siddiqui had a gambling addiction, and his game of choice was Blackjack. According to casino employees, they called him a “blackjack machine” as he liked the dealers to deal the cards extremely fast. He usually bet $200 000 per hand.
He was very arrogant and loved the high life, so the casinos wined and dined him with luxury suites, private jets, luxury holidays and casino cash.
They also extended millions of dollars worth of credit to him, and when he won, he would use the winnings of one casino to pay off the credit at another casino.
Convicted of Fraud
In 2005 an employee saw some personal spreadsheets and letters showing extraordinarily high commission amounts on Siddiqui’s desk.
The employee exposed his fraud, and in 2008 he was convicted of money laundering and wire fraud and sentenced to six years in jail.
Siddiqui filed for bankruptcy in July 2008 and at that time was $137 million in debt.