Isn't this essentially what happened in the much vaunted financial sector?

Debt finally topples a Las Vegas high roller


/ Sorry, I forget why I would give a Fark ..

"Dumbass"?
It was deliberate. They didn't care what sort of trouble he, or the rest of the world, gets into. They only want to earn money.
And you couldn't blame them for that. It's human nature. More regulation and oversight is the only way.
And this applies to the financial sector as well.

umm... definitely no sympathy here.

You would think he'd be good at the gambling thing by now... that's a lot of practice.


Gambling is evil for some.... like those people who will embezzle millions from their employer and use it to buy lottery tickets. It's not about the money. They just need to gamble.

guess he wasn't keen on all this Koran thing. Mohammed specifically forbid gambling, due to many Arabs in 6th century gambling away everything they had on dice game.

It's incredible. The casino extends him $5 million in "money" which he loses at their casino playing a card game. So they get the money right back in their hands. All they really did is offer him a CHANCE to take their $5 million (or more) out of the casino if he won?

The casino is in the business of risking their "money" every day, all day long. No ACTUAL money gets lost in the transaction above, yet this dude owes the casino $5 million.

That's a hell of a business.

Herunar: "Dumbass"?
It was deliberate. They didn't care what sort of trouble he, or the rest of the world, gets into. They only want to earn money.
And you couldn't blame them for that. It's human nature. More regulation and oversight is the only way.
And this applies to the financial sector as well.


/What an idiot

Herunar: "Dumbass"?
It was deliberate. They didn't care what sort of trouble he, or the rest of the world, gets into. They only want to earn money.
And you couldn't blame them for that. It's human nature. More regulation and oversight is the only way.

Neither side is blameless here. The high roller for gambling beyond his mean, or the casino that extended far more credit than they should have, but the we don't know where the money came from is a valid point. The only regulation that I see that removes any culpability from the casino is to stop allowing them to issue credit. Any other regulations would be a waste of time and money.

Um, subby.....

Does the bank ask where the money you deposited comes from? Does the pizza delivery guy ask where that twenty came from? No? Should they?

I live in Vegas. I don't like gambling, I think it's stupid and I work too hard for my money to give it to already rich casino execs. But i don't judge, i have other vices.
BUT - the argument that markers are monopoly money are BS - if you lose and the casino wins marker money - they are none the richer. But if you win, you won't hesitate to take that money FROM the casino. They are assuming a risk, albeit a small, highly calculated one. Plus, all that free shiat they give you - they're not doing it to be nice. It's business. They wouldn't give it away if they didn't expect you to lose money to them.
Casinos aren't built on your winnings, they're built on your losses.

Thudfark: Does the bank ask where the money you deposited comes from?

They sure as hell do if you walk in with $5,000,000.

The casinos have one purpose and that is to seperate you and your money. They don't really care if you go into debt 10 million to pay them 1 million. It's all a game to see how much they can bleed you for before you go bankrupt.

/doesn't gamble..
//prefers to spend his money on whores

xynix: It's all a game to see how much they can bleed you for before you go bankrupt.

Wrong. They don't want you bankrupt. They want you to come back later with more money. Suck 'em bone dry the first time they walk through the door, you've just lost a revenue stream.

Re: subby's headline:
It appears that he was using either money he had taken in kickbacks (which was his) or money belonging to the casino, which was theirs, but didn't actually defraud his employer (other than by taking kickbacks from his suppliers).

I agree here with IKillBugs, who says that there is fault on both sides. Why in the world would casinos give him MORE markers when he had a history of not paying the previous debts? Silly.

I know 2 people well who have lost everything gambling. I have a small bit of sympathy for Mr. Exec there, but that ends as soon as he starts taking kickbacks and farking over his employer.

xynix: The casinos have one purpose and that is to seperate you and your money. They don't really care if you go into debt 10 million to pay them 1 million. It's all a game to see how much they can bleed you for before you go bankrupt.

/doesn't gamble..
//prefers to spend his money on whores

bless you sir!

This story works for me on several levels.

"Fry's, who had thought so highly of their longtime employee that they had given him one of their top jobs -- and lent him $10.1 million."

No sympathy here for his parent company, either.

While we're throwing blame on the casinos and the loser in question, I think Fry's is to blame as well. This man siphoned millions of dollars for years and no one figured it out. The executives who allowed this to happen are no better than the casinos.

Chester J. Lampwick: While we're throwing blame on the casinos and the loser in question, I think Fry's is to blame as well. This man siphoned millions of dollars for years and no one figured it out. The executives who allowed this to happen are no better than the casinos.

Corporate finance and accounting is complicated. I am not sure I would speak highly of Fry's business ethics or techniques either.

I know a guy who does casino security; they love their clients and will do whatever to protect them. His casino is on sovereign land and tow trucks, Federal and State agencies are not welcome unless invited. Thus - repo man can't show up and will be escorted off the land.

Pure gambling is stupid.

/poker is barely good

I used to work for Fry's Electronics; so I'm really getting a kick....

/got nuthin'

Damn you Plinko!!!

I'm shocked, shocked I tell you that Claude Raines hasn't been in this thread until now.

It's not the casino's job to make sure it's his money he's using to gamble with. It's their job to file all the government required paperwork in a timely fashion, and then it's FinCen's job to figure out where the money came from. They should have caught on to him years ago.

Thudfark: Um, subby.....

Does the bank ask where the money you deposited comes from? Does the pizza delivery guy ask where that twenty came from? No? Should they?

Dude, you can't even walk around with a large amount of cash in your pocket in the US. If you do, it can be ceased as drug money.

Couldn't this guy have just lived as an actual millionaire with all the kickbacks he received from his suppliers? Did I understand that right? He had no need to go gambling, he made more than enough money off of pure corruption.

Phil Moskowitz: Thudfark: Um, subby.....

Does the bank ask where the money you deposited comes from? Does the pizza delivery guy ask where that twenty came from? No? Should they?

Dude, you can't even walk around with a large amount of cash in your pocket in the US. If you do, it can be ceased as drug money.

"ceased" Really? What about a big bag of coins? Do they get desisted?

I want to know how he was able to set up a fraudulent company and convince vendors to pay him large sums of money to place products right under his employers nose.

Sounds like there is more to that story.

On the chip over this for being bamboozled.
>

He drew all kinds of attention to himself gambling, and he didn't even need the money.

The casinos never claim responsibility, but why does a guy like this need to go risk his millions to make more? Their business model is to make you feel on cloud nine while they relieve you of your cash. I guess some people can get addicted to that.

FTA:

Casino representatives say it's not their responsibility.

...

Although Siddiqui may have won millions at the tables, at least seven casinos in Las Vegas, New Jersey and Connecticut have sued him since 1999, seeking to recover at least $33 million.


Does not follow. This guy's been being sued since 1999 for not paying his debts, and it's not their responsibility to exclude him?

Banks are expected to do credit checks before giving loans. A simple credit check would have made him obviously too risky to serve.

It doesn't matter who's money it is, I'm going to win and make more on it.

Thudfark: Um, subby.....

Does the bank ask where the money you deposited comes from? Does the pizza delivery guy ask where that twenty came from? No? Should they?

When the bank gives you credit, yes they indeed do ask you where your income comes from, how much you make, etc etc. And if you can't provide answers for that, then they aren't going to serve you.

The casino was extending him credit, this should have been at the front of their minds.

They are obviously not responsible for his kickbacks, but they are irresponsible for letting him gamble like he did with an income of $225,000.

Their only excuse is they saw a few million in one of his bank accounts. Now it isn't their place to ask where that came from, but if you know the guy's income, and you know he only has 1 or 2 million in the bank, letting him gamble 8 million in a sitting is pretty stupid.

Especially when he's got lawsuits against him from other casinos.

His mode of transportation?

Someone get that man some ribs, no sauce. And a coke.

/c'mon fark, I know you know what I'm talking about

"at least seven casinos in Las Vegas, New Jersey and Connecticut have sued him since 1999, seeking to recover at least $33 million."

...

"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. "It could be money he inherited from his mother."

I love casinos.

CSP1: Couldn't this guy have just lived as an actual millionaire with all the kickbacks he received from his suppliers? Did I understand that right? He had no need to go gambling, he made more than enough money off of pure corruption.

It's not that simple. Knowing from personal experience, it's not how much money you have, but it is the addiction that makes someone like him continue to gamble. To some people, gambling is a powerful "high", and when on a losing streak, will gamble more and more to win back the money they lose, hoping to break even or even come out on the plus side. It is as bad as being addicted to drugs.

What blows my mind about this whole article is that he got away with it for so farkin' long.

Ten years min. he is with this company and no one notices. Everyday I read these type of articles and ask myself does anyone in this country actually know how to run a business anymore? Especially, on the money part.

All I can think of if some lowly cashier at Fry's is $20.00 short, or a pot smoker tested positive they are shown the door.(I don't know their policies, but as an example) But, this addict is able to steal $10s of millions of dollars for a decade. There is something seriously wrong with how businesses are run today.

Too bad they can't test for additive gambling in a pee test.

Approves

// hotlinked from Wikipedia Article (new window)

Isn't this the whole ethos of American society now? Lie, cheat, steal, and hope that when the house of cards collapses you are not the one left holding the bag.

People who actually work for a living are suckers. Anything they manage to save gets stolen by Bernie Madoff and his ilk.

Suckers.

Wrong Trousers

Thank you. I knew I could count on fark.

For those of you that have never had the pleasure of working for people with names like Siddiqui, Imam, or Pancholi, lemme break it down for you:

These people are assholes. Arrogant goddamn assholes, who, no matter how farking stupid they are, and whatever wrong they do, and now matter how many times you tell them it's not gonna work, it's your fault. It's always your fault.

And if you don't give them what they want, they will act like assholes, and berate you, and will pull every underhanded manipulative bullshiat they can just to fark with you.

the_wanderer: For those of you that have never had the pleasure of working for people with names like Siddiqui, Imam, or Pancholi, lemme break it down for you:

These people are assholes. Arrogant goddamn assholes, who, no matter how farking stupid they are, and whatever wrong they do, and now matter how many times you tell them it's not gonna work, it's your fault. It's always your fault.

And if you don't give them what they want, they will act like assholes, and berate you, and will pull every underhanded manipulative bullshiat they can just to fark with you.

Succinct and to the point. People don't like to admit to cultural differenes in this age of political correctness, but facts are facts. Pointing out cultural differences is not racism.

Anything that hurts Fry's Electronics is good by me....

Whales.

/Am I really the first?

Should he really owe income tax on money that was essentially a prop in a casino promotion?

From the article:

"They gave him so much credit, his alternative was to go to jail or to steal. Either way, you go to jail."

Umm, no... we don't have debtors prisons in the US, his alternative was go bankrupt or steal. But only one required him stopping gambling. That one also required he steal and go to jail when caught. He could have gotten away from that debt scot-free.

The only gambling I ever do is buy a few bucks worth of Powerball Tickets once every couple of months.

This guy is wrong on every level. But casinos are amazing in their own right. They extent this guy "credit" to spend their money in their own casino, then sue the guy when he can't pay it back, even though all he did was essentially give the credit back anyways. All the casino did was pay the guy to play in their casino. And had he won, he'd still have to pay back the credit.

Fark, I should open a casino. I'll let you borrow MY money to use in MY casino, then sue you to pay me back for all MY money that you lost playing in MY casino!

Can't wait to see how many cigarettes and BJs this guy loses in the pen

Don't worry, Obama and Congress will bail out the industry he defrauded.

Thudfark: Does the bank ask where the money you deposited comes from?

Yes, actually banks will ask you where any large sum of money is from.