Fry's Electronics has filed a lawsuit against former company executive Ausaf Umar "Omar" Siddiqui, who is accused of embezzling over $65 million from the company in a three-year span.

Shortly after being arrested at Fry's headquarters, the former VP of merchandising and operations now faces a $10 million lawsuit as his former employer looks to recover money he borrowed and failed to repay.  The lawsuit was filed in Santa Clara County Superior Court, and seeks Siddiqui to repay the $10.1 million, hundreds of thousands in compiled interest over the past five years, and to also relinquish his Ferrari, Mercedes-Benz and condo in Palo Alto.

He used the two cars and condo as collateral when he received two promissory notes -- it's still unknown why the company gave him the loans in the first place, with company officials saying they don't publicly discuss such topics.

Siddiqui, who was paid $225,000 per year officially, was such an avid gambler that Las Vegas casinos would charter private jets and fly him to Sin City for the weekend.  The Clark County district attorney's office was monitoring Siddiqui's activities while he was in Las Vegas gambling, county officials reported.

In addition to the federal charges, and the lawsuit from Fry's, there are still several financial and legal issues Siddiqui must resolve with Atlantic City and Las Vegas casinos.  He's been making payments, as required, to Las Vegas casinos, but it's unsure if he was making payments with the money he embezzled from Fry's.  If so, it's possible, according to attorneys and analysts analyzing the case, that Fry's could seek money from the casinos.

Siddiqui will appear in court next month to officially face wire fraud and money laundering charges.