A federal grand jury indicted the former CEO of Fat Brands, Inc. this week for what they said was a years-long scheme to distribute $47 million of shareholder funds disguised as loans to himself to avoid paying taxes.
The indictment alleges that he used the company funds “to fund the purchase of private-jet travel, vacations, a Rolls Royce Phantom, other luxury automobiles, jewelry and a piano.” “They are based on conduct that ended over three years ago and ignore the company’s cooperation with the investigation,” the company’s statement said.
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: