The case of Omar Siddiqui, the former Fry’s Electronics executive and casino high roller charged with money laundering and defrauding customers out of more than $60 million, continues to intrigue gaming industry observers. It should also make some casino executives and marketing types nervous.
The Los Angeles Times finally weighs in on the story.
From the article: "If a person has a million or 2 million in his account, how are we supposed to know where it came from?" asked Yvette Monet, a spokeswoman for the MGM Grand, which owns several casinos Siddiqui frequented. "It could be money he inherited from his mother."
Yes, perhaps. But in Siddiqui’s case his reckless pattern was well known. He’s been sued for casino debts in excess of $33 million since 1999. In Clark County alone Siddiqui was chased by the district attorney’s office for nonpayment of $12 million in markers.
Considering his high-rolling history and extremely mixed payment record, you would think that due diligence would demand knowing more about his bankroll. And maybe even his mother.