U.S. District Court Jeremy Fogel sentenced former and now disgraced Fry's executive to six years in the Federal penitentiary. Omar Siddiqui was convicted of stealing $65 million from the Bay Area super-store, which he admitted using for his uncontrollable gambling addiction and casino kickbacks. Siddiqui was arrested by Federal agents back in 2008 after the IRS investigated what at first appeared to be abnormalities in Siddiqui's accounting.
At the sentencing hearing a representative of Fry's asked the court not to show leniency because Siddiqui caused financial harm to the company, which also sustained a loss of public trust. Judge Fogel refused to accept Siddiqui's addiction as an excuse when sentencing him to the already agreed to plea deal. Siddiqui had hoped for a term of three years.
The judge also ordered restitution be made to the company in the amount of $65 million, although Fry's claims that Siddiqui stole $87 million. Siddiqui filed for bankruptcy back in July, claiming a total debt of $137 million.
Federal authorities escorted the former executive from the San Jose courthouse and to Federal prison.
Source: San Jose Mercury News
