Fat Brands and chair Andy Wiederhorn indicted in $47 million 'sham' loan scheme
Publishing timestamp: 2024-05-10 13:12:13
Summary
Fat Brands and its chair Andy Wiederhorn indicted for "sham" loan scheme that netted him $47 million. Shares of Fat Brands tumbled 24% in afternoon trading. Wiederhorn allegedly directed company to loan its own funds to him, never intending to pay back. SEC also accused company and Wiederhorn of violations. Wiederhorn owed taxes for personal income and did not report loans as income. He pleaded guilty to similar charges 20 years ago. Warren Buffett's stock portfolio and other stock recommendations mentioned at the end of the article.
Sentiment: NEGATIVE
Tickers: FAT,
Keywords: breaking news: business, corruption, restaurants, crime, business, lawsuits, collusion, fat brands inc, business news, securities fraud, retail industry,