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.
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