Summary
- Andy Wiederhorn, former Fatburger CEO, has been charged in a scheme that netted him $47 million in bogus loans from Fat Brands.
- Wiederhorn allegedly directed the company to loan its own funds to him with no intention of paying the loans back.
- The SEC accuses Wiederhorn of using the cash for personal expenses like private jets, vacations, and expensive purchases.
- Wiederhorn’s alleged fraud accounted for 44% of Fat Brands’ revenue between 2017 and 2021, impacting the company’s ability to pay its bills.
