DOJ indicts FAT Brands for extending $2.65M credit to former CEO; SEC files civil complaint

Fat Brands, Inc

DOJ indictment charges FAT Brands with two Sarbanes-Oxley violations for $2.65M in loans to former CEO Wiederhorn in 2019-2020.
SEC civil complaint alleges failure to disclose related-party transactions, false liquidity statements, and improper extension of credit to CEO.
Indictment also names former CEO Wiederhorn, former CFO Hershinger, and tax advisor Amon on federal tax and other violations.
SEC seeks injunctive relief, disgorgement, and civil penalties; Company says it will vigorously defend.
Details: $600K personal loan in Jan 2019 and ~$2M loan to former parent FCCG in 2020 that indirectly funded loan to Wiederhorn.

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