Fat Brands' portfolio includes Fatburger, Johnny Rockets and Twin Peaks.
Fat Brands and its chair Andy Wiederhorn were indicted for a "sham" loan scheme that netted him $47 million.
"We look forward to making clear in court that this is an unfortunate example of government overreach — and a case with no victims, no losses and no crimes," Wiederhorn's attorney Nicola Hanna said. Wiederhorn's alleged fraud accounted for roughly 44% of Fat Brands' revenue between 2017 and 2021, which meant the company often was not able to pay its bills. In those situations, Wiederhorn would allegedly redirect funds from credit cards paid for by Fat Brands back to the company with assistance from his son Thayer, who was then the company's chief marketing officer and is now its chief operating officer.
Additionally, as far back as 2006, Wiederhorn has owed taxes for his personal income to the IRS. He also did not report any of the so-called loans from Fat Brands as income, according to the indictment. As of March 2021, Wiederhorn owed $7.74 million to the IRS for his unpaid personal taxes.
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