SAN JOSE, Calif. (AP) — A former Fry's Electronics executive convicted of wire fraud and money laundering in a multimillion dollar kickback scheme has been sentenced to six years in prison.
Ausaf Siddiqui was also ordered on Thursday to pay $65.5 million in restitution.
Last week, Siddiqui's lawyer asked U.S. District Judge Jeremy Fogel for a three-year sentence rather than the six-year term negotiated in a plea agreement. He said his client committed the crimes to pay off enormous debts resulting from a gambling addiction.
Siddiqui has acknowledged embezzling millions of dollars from Fry's between 2004 and 2008 by forcing vendors to pay kickbacks to ensure the company stocked their products.
He filed for bankruptcy in July, listing nearly $137 million in debt, including about $20 million owed to Las Vegas casinos.
