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Monday, February 16, 2009

Debt finally topples a Las Vegas high roller

Siddiqui, who made $225,000 a year as a top Fry's Electronics executive, once lost $8 million in a day.It was not Siddiqui's only debt or even his largest. Court records indicate that the 43-year-old businessman gambled away as much as $167 million at casinos over the last decade. Yet even as he amassed huge IOUs, casinos around the country continued to lend him millions more.Siddiqui's debts ultimately caught up with him, and he now stands accused of masterminding one of California's biggest frauds. His case provides a view into the rarefied world of big-time gamblers and the lengths casinos go to attract them to their tables."He was playing about as high as you can get," said Marcia Hartman, a former Las Vegas casino employee who said she saw Siddiqui in action. "That's what the casinos are looking for. They are going to give a big player, a whale, anything in the world he wants. From an ego point of view, he soaked it up."
[thanks RJ]


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