Federal authorities said Friday they charged Fat Brands and its chair, Andy Wiederhorn, of committing a brazen scheme that netted him $47 million in bogus loans from the restaurant company that owns Fatburger, Johnny Rockets and Twin Peaks. Fat Brands, Wiederhorn and a few other people were criminally indicted by a federal grand jury in Los Angeles for wire fraud, tax evasion and other counts related to the alleged scheme.
In February, Fat Brands disclosed it had received a Wells Notice from the agency, meaning the SEC was planning to take action against it. Wiederhorn’s alleged fraud accounted for roughly 44% of Fat Brands’ revenue from 2017 to 2021, which meant the company often wasn’t able to pay its bills.
Source: News Formal (newsformal.com)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fat Brands, chair Andy Wiederhorn indicted in $47 million 'sham' loan schemeFat Brands' portfolio includes Fatburger, Johnny Rockets and Twin Peaks.
Source: CNBC - 🏆 12. / 72 Read more »
Fat Brands and chair Andy Wiederhorn indicted in $47 million 'sham' loan schemeFat Brands' portfolio includes Fatburger, Johnny Rockets and Twin Peaks.
Source: CNBC - 🏆 12. / 72 Read more »
Breakthrough in brown fat research: Researchers have found brown fat's 'off-switch'Researchers have found a protein that is responsible for turning off brown fat activity. This new discovery could lead to a promising strategy for safely activating brown fat and tackling obesity and related health problems.
Source: ScienceDaily - 🏆 452. / 53 Read more »
Fatburger to open brick-and-mortar restaurant on far West SideFatburger will soon open a new restaurant on the far West Side of San Antonio, according to a press release.
Source: ksatnews - 🏆 442. / 53 Read more »
Los Angeles-based Fatburger opening first San Antonio brick-and-mortar store SaturdayHollywood-based fast casual chain Fatburger will open its first standalone San Antonio location this Saturday as part of a major push into Texas. The brand already has a presence in San Antonio via an outdoor space located in Fiesta Texas' Fiesta Bay Boardwalk section.
Source: SAcurrent - 🏆 607. / 51 Read more »
Ex-Fatburger boss indicted in $47-million 'sham loan' schemeCompany money was disbursed to Andrew Wiederhorn and his family 'for their personal benefit,' according to the indictment.
Source: latimes - 🏆 11. / 82 Read more »