Exclusive Content   Join Now

Venetian won it fairly, but will they have to give it back?

Dec 29, 2008 8:00 PM

by Ray Poirier | For three and one-half years, a California "whale" gambled at the Venetian Casino Resort in Las Vegas while receiving the treatment that only such high rollers can demand.

During that period he lost big time.

But, although tardy with marker payments, he appeared to be good for it since he had his private company send the Las Vegas Sands Corp., or one of its subsidiaries, $17.9 million. The authorities have confirmed the payments.

Now the guy, Ausaf Umar Siddiqui, an executive with Fry’s Electronics, sits in jail for allegedly embezzling more than $65 million from the company. He allegedly received kickbacks from suppliers and had the money paid to his company, PC International.

It was through PC International that Siddiqui paid the casino. Now comes the question whether since the money belonged to Fry’s, should the casino have to return it? Or, as some believe, it wasn’t Fry’s money, after all.

Actual charges have yet to be filed by the Internal Revenue Service against Siddiqui so there may be even more exciting revelations as the investigation progresses.