Sunday, August 21, 2011

Indicted former Fry's exec files for bankruptcy, lists $137 million in debt

An ex-Fry's executive indicted on a charge of allegedly trying to shake down the electronics store's vendors to support a lavish lifestyle has filed for bankruptcy, listing nearly $137 million in debt, much of it to Vegas casinos.
Ausaf "Omar" Siddiqui was once a prized "whale" in Vegas, a high roller who demanded that casino butlers and bellboys call him "Mr. S" and fill his room with golden raisins, bottles of Dom PĂ©rignon and Glitterati Mentissimo peppermints adorned with a single rose.

Siddiqui's Chapter 7 bankruptcy filing July 13 in San Jose shows he's on the hook for $11.5 million to the MGM Grand Hotel, $5.7 million to Caesar's Palace, $2.3 million to the Palms Casino Resort, and $1 million to Hard Rock. That's not to mention the "unknown" amounts he owes other creditors, Mohegan Tribal Gaming in Connecticut, and three high-end casinos in London -- Les Ambassedeurs, Aspinalls and Maxim's Casino Club.

Read the rest of the article at Mercury News

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