Latest news with #Wiederhorn
NBC News
16 hours ago
- Business
- NBC News
DOJ dismisses case against a Trump donor after White House fired career prosecutor
WASHINGTON — The Justice Department dropped a case against restaurant group Fat Brands and its chairman, Andy Wiederhorn, on Tuesday, months after the White House took the unusual step of directly firing a career federal prosecutor who was handling the case. The government filed an unopposed motion on Tuesday to dismiss a case against Wiederhorn as well as William Amon, Rebecca Hershinger and Fat Brands, Inc., which alleged a scheme to conceal $47 million paid to Wiederhorn. The government also filed a separate motion to dismiss a case against Wiederhorn in which he was charged with possessing a firearm and ammunition despite his previous felony convictions. In a press release announcing the case against Wiederhorn, Fat Brands, Inc., Amon and Hershinger last year, then-U.S. Attorney Martin Estrada said the allegations involved Wiederhorn using the company "as his personal slush fund," while an IRS official said the allegations showed Wiederhorn was a "serial tax cheat." Fat Brands, Widerhorn, Amon and Hershinger had all pleaded not guilty last year. The motion to dismiss the federal case came months after Trump supporter and right-wing activist Laura Loomer and others called on the president to fire Assistant U.S. Attorney Adam Schefier, the lead prosecutor on the Fat Brands case, highlighting anti-Trump comments he made during a previous, unsuccessful bid for Congress as a Democrat. Schleifer was fired in March. While many recent dismissals of career federal prosecutors have come from Attorney General Pam Bondi, Schleifer was fired in an email from the White House Presidential Personnel Office. A former veteran of the U.S. Attorney's Office for the Central District of California said it was "bizarre" and "insane" for the White House to be firing career prosecutors. Wiederhorn donated almost $19,000 to Trump and Republican causes in the 2024 cycle, as noted by Bloomberg Law. 'From day one, we have maintained Andy's innocence,' Wiederhorn attorney Nick Hanna of the law firm Gibson Dunn said in a statement. 'We are extremely grateful that the U.S. Attorney's Office listened to our arguments and determined, in the interests of justice, that all charges should be dropped.' Douglas Fuchs, another lawyer for Wiederhorn, said the government took the "appropriate step" in dismissing the case and that "this is a case with no victims, no losses, and no crimes." Wiederhorn said he was 'grateful to the U.S. Attorney's Office for taking a fresh look at this case and to the attorneys who worked tirelessly on my behalf and on behalf of the other defendants" and that he looked "forward to focusing on the continued growth and success of FATBrands.' The unopposed motion to dismiss the case against all defendants was signed by Assistant U.S. Attorney Kevin Reidy and names Interim U.S. Attorney Bilal Essayli, who has been vocal about his support for Trump's agenda on social media and in media appearances. Fat Brands owns a number of restaurant brands, including Fatburger, Johnny Rockets and Twin Peaks.
Yahoo
a day ago
- Business
- Yahoo
U.S. Department of Justice Drops All Charges Against Andrew Wiederhorn, FAT Brands, William Amon, and Rebecca Hershinger
LOS ANGELES, July 29, 2025 (GLOBE NEWSWIRE) -- The United States Attorney for the Central District of California has filed a motion to dismiss all charges against Andrew 'Andy' Wiederhorn, FAT Brands Inc. (NASDAQ: FAT), Rebecca Hershinger, and William Amon. Mr. Wiederhorn and his legal team have consistently maintained his innocence, and that the events described involved no criminal conduct, no victims, and no financial losses. 'From day one, we have maintained Andy's innocence,' said Nick Hanna, of Gibson Dunn, counsel for Mr. Wiederhorn and the former U.S. Attorney for the Central District of California. 'We are extremely grateful that the U.S. Attorney's Office listened to our arguments and determined, in the interests of justice, that all charges should be dropped.' 'We have said from the beginning that this is a case with no victims, no losses, and no crimes,' added Douglas Fuchs of Gibson Dunn and counsel to Mr. Wiederhorn. 'Today, the U.S. Attorney took the appropriate step of dismissing the indictment.' 'I am grateful to the U.S. Attorney's Office for taking a fresh look at this case and to the attorneys who worked tirelessly on my behalf and on behalf of the other defendants,' said Andy Wiederhorn. 'With this indictment behind us, I look forward to focusing on the continued growth and success of FAT Brands.' FAT Brands Inc. is a global restaurant franchising company with a portfolio of 18 restaurant concepts and over 2,300 locations worldwide. With the DOJ matter closed, FAT Brands is poised to continue to build on recent growth, with over 1,000 units in its development pipeline, approximately 120 signed development agreements year-to-date, and more than 100 new store openings anticipated this year. The company's franchising model, co-branding options, and well-established restaurant concepts – including Fatburger, Johnny Rockets, Round Table Pizza, and Twin Peaks, a subsidiary of Twin Hospitality Group Inc. (NASDAQ: TWNP) – position it as a leader in the global dining landscape. About FAT (Fresh. Authentic. Tasty.) BrandsFAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets and develops fast casual, casual and polished casual dining restaurant concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza®, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli's, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo's Cafe & Express, Hurricane Grill & Wings, Native Grill & Wings, Pretzelmaker, Elevation Burger, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit Forward Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the timing and performance of new store openings and FAT Brands' pipeline of new store locations. These statements are subject to significant business, economic and competitive risks, uncertainties and contingencies, many of which are difficult to predict and beyond our control, which could cause our actual results to differ materially from the results expressed or implied in such forward-looking statements. We refer you to the documents filed by FAT Brands from time to time with the Securities and Exchange Commission, such as our reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other risks and uncertainties that could cause our actual results to differ materially from our current expectations and from the forward-looking statements contained in this press release. We undertake no obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of this press release. MEDIA CONTACT: Erin Mandzik, FAT Brandsemandzik@ 860-212-6509Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Business
- Yahoo
U.S. Department of Justice Drops All Charges Against Andrew Wiederhorn, FAT Brands, William Amon, and Rebecca Hershinger
LOS ANGELES, July 29, 2025 (GLOBE NEWSWIRE) -- The United States Attorney for the Central District of California has filed a motion to dismiss all charges against Andrew 'Andy' Wiederhorn, FAT Brands Inc. (NASDAQ: FAT), Rebecca Hershinger, and William Amon. Mr. Wiederhorn and his legal team have consistently maintained his innocence, and that the events described involved no criminal conduct, no victims, and no financial losses. 'From day one, we have maintained Andy's innocence,' said Nick Hanna, of Gibson Dunn, counsel for Mr. Wiederhorn and the former U.S. Attorney for the Central District of California. 'We are extremely grateful that the U.S. Attorney's Office listened to our arguments and determined, in the interests of justice, that all charges should be dropped.' 'We have said from the beginning that this is a case with no victims, no losses, and no crimes,' added Douglas Fuchs of Gibson Dunn and counsel to Mr. Wiederhorn. 'Today, the U.S. Attorney took the appropriate step of dismissing the indictment.' 'I am grateful to the U.S. Attorney's Office for taking a fresh look at this case and to the attorneys who worked tirelessly on my behalf and on behalf of the other defendants,' said Andy Wiederhorn. 'With this indictment behind us, I look forward to focusing on the continued growth and success of FAT Brands.' FAT Brands Inc. is a global restaurant franchising company with a portfolio of 18 restaurant concepts and over 2,300 locations worldwide. With the DOJ matter closed, FAT Brands is poised to continue to build on recent growth, with over 1,000 units in its development pipeline, approximately 120 signed development agreements year-to-date, and more than 100 new store openings anticipated this year. The company's franchising model, co-branding options, and well-established restaurant concepts – including Fatburger, Johnny Rockets, Round Table Pizza, and Twin Peaks, a subsidiary of Twin Hospitality Group Inc. (NASDAQ: TWNP) – position it as a leader in the global dining landscape. About FAT (Fresh. Authentic. Tasty.) BrandsFAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets and develops fast casual, casual and polished casual dining restaurant concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza®, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli's, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo's Cafe & Express, Hurricane Grill & Wings, Native Grill & Wings, Pretzelmaker, Elevation Burger, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit Forward Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the timing and performance of new store openings and FAT Brands' pipeline of new store locations. These statements are subject to significant business, economic and competitive risks, uncertainties and contingencies, many of which are difficult to predict and beyond our control, which could cause our actual results to differ materially from the results expressed or implied in such forward-looking statements. We refer you to the documents filed by FAT Brands from time to time with the Securities and Exchange Commission, such as our reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other risks and uncertainties that could cause our actual results to differ materially from our current expectations and from the forward-looking statements contained in this press release. We undertake no obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of this press release. MEDIA CONTACT: Erin Mandzik, FAT Brandsemandzik@ 860-212-6509Inicia sesión para acceder a tu cartera de valores
Business Insider
15-05-2025
- Business
- Business Insider
UnitedHealth Stock Tanks: Here's What Oppenheimer Predicts Next
It's been a week UnitedHealth (NYSE:UNH) stock investors would rather forget. Confident Investing Starts Here: Shares of the healthcare giant plunged ~8% in after-hours trading Wednesday after word got out that the Justice Department is investigating the company for potential criminal Medicare fraud. According to people familiar with the matter, the probe has been active since at least last summer and is focused on UnitedHealth's Medicare Advantage business practices. And the timing couldn't be worse. Investors were already trying to make sense of a steep sell-off tied to shaky financial results – not to mention the sudden CEO shake-up. Overall, UNH stock in now down ~51% over the past month. But not everyone sees doom and gloom. Oppenheimer analyst Michael Wiederhorn, who ranks in the top 3% of Wall Street stock experts, sees a recovery in the cards. 'UNH is clearly struggling with cost trend, but is also taking a conservative posture given the change in CEO. While the outlook for 2025 remains unclear, we do believe the timing of these issues should allow for margin recapture in 2026. With a long and successful track record, we expect UNH to get back on track. We maintain our Outperform rating and would be long-term buyers,' Wiederhorn stated. That Outperform (i.e., Buy) rating comes with a $400 price target, suggesting a ~30% upside from these battered levels. (To watch Wiederhorn's track record, click here) Overall, the Street isn't ready to throw in the towel. With 21 analysts backing the stock with Buy ratings and just 4 sitting on the fence with Holds, the broader consensus remains firm: UNH is still a Strong Buy. The average price target lands even higher than Wiederhorn's – at $540.68 – which would mark a ~76% upside from Wednesday's close. (See UNH stock forecast) To find good ideas for stocks trading at attractive valuations, visit TipRanks' Best Stocks to Buy, a tool that unites all of TipRanks' equity insights.
Yahoo
03-05-2025
- Business
- Yahoo
Fired federal prosecutor claims ex-Fatburger CEO's 'smears' reached White House
A former burger chain CEO under federal indictment on gun and fraud charges now faces another accusation: Allegedly spreading "smears" that reached the White House through conservative pundits, leading to the prosecutor who was handling his case getting fired. The latest claim was leveled by Adam Schleifer, formerly an assistant U.S. attorney in Los Angeles, in a filing last week with the Merit Systems Protection Board, which handles wrongful termination appeals from federal workers. Schleifer's filing called his dismissal "unlawful" and alleged it was motivated in part by his prosecution of Andrew Wiederhorn, the former chairman and chief executive of Fat Brands, which owns the Fatburger and Johnny Rockets restaurant chains. Wiederhorn has maintained his innocence in the criminal cases, and his lawyers declined to comment on Schleifer's allegations. Schleifer's recent filing included a one-line email in March, sent to him "on behalf of President Trump," notifying him he was being removed from his job. Schleifer, who had publicly criticized Trump in years past when he was not employed as a prosecutor, claims he was fired for his "engagement in constitutionally protected political activity." His firing, first reported by The Times, came an hour after right-wing activist Laura Loomer publicly called for it — a timeline Schleifer cited in his filing. Read more: White House ordered firing of L.A. federal prosecutor on ex-Fatburger CEO case, sources say The claim by the former prosecutor — who declined to comment when reached this week — drew a line between how the events unfolded and his work on the Wiederhorn case. Wiederhorn was indicted last May on federal charges alleging a $47-million 'sham loan' scheme. He was also charged with illegally possessing a firearm and ammunition after being previously convicted of a felony. He has pleaded not guilty in both cases. In his filing, Schleifer said he was fired on the basis of "smears, which originated with and were promoted by Mr. Wiederhorn, his defense team, and that of his codefendant FAT Brands, Inc." Lawyers representing Fat Brands did not respond to a request for comment. The White House and the U.S. Department of Justice did not respond to inquiries. Originally from Portland, Ore., Wiederhorn graduated from USC and, at age 21, founded the investment firm Wilshire Credit Corp. Billionaire philanthropist Eli Broad was one of his first financial backers, investing $300 million, according to a 2013 Times article. In 1990, Wiederhorn moved back to Portland, where he founded investment company Fog Cutter Capital. According to The Times, Wiederhorn was worth an estimated $140 million by the late '90s. In 2000, after Magic Johnson took an interest in Fatburger, Fog Cutter helped finance the change of ownership for the company, then bought a controlling stake three years later for $7 million. Federal authorities began investigating Wiederhorn in the 2000s, allegedly for taking out shareholder loans without intending to repay them, according to an April government filing in the Central District of California opposing Wiederhorn's efforts to obtain evidence in the ongoing case. The recent indictment against Wiederhorn alleged that he caused Wilshire Credit Corp. to issue him approximately $65 million in shareholder loans. Prosecutors have stated they plan to introduce evidence at trial later this year regarding those loans. "The government investigated those loans in the early 2000s, and ultimately concluded it could not charge Mr. Wiederhorn with any crime because of overwhelming evidence he relied on at least two different tax advisors when reporting the loans on his tax returns and thus lacked the requisite intent to defraud," Wiederhorn's attorneys said in a recent pretrial motion. Wiederhorn ultimately pleaded guilty in 2004 to charges of paying an illegal gratuity to his associate and filing a false tax return. He spent 15 months in prison and paid a $2-million fine. The day before Wiederhorn's plea, Fog Cutter awarded him a $2-million bonus and agreed to keep paying him during his incarceration. The arrangement prompted New York Times columnist Nicholas Kristof to bestow on Wiederhorn his inaugural 'award for greed,' writing: 'I can't think of a board that has ever so disgraced the principles of corporate governance by overpaying a CEO even as he sits in prison.' Wiederhorn previously told The Times that his attorneys had advised him that his actions were legitimate business deals. Upon his release from prison in 2005, Wiederhorn became chief executive of Fatburger. He went on a public relations campaign to restore his and his family's reputations, including an appearance on 'Undercover Boss' at a Fatburger restaurant in Mesa, Ariz. "I've always adamantly denied doing anything wrong intentionally,' Wiederhorn told The Times in 2017. "I'm very grateful for it. I felt like I paid the fine. I did the time. I did everything I was supposed to do to make this go away and put it behind me." The latest federal investigation into Wiederhorn began around 2021 and involved a dawn raid on his home that December. Based on an affidavit alleging the CEO had engaged in tax and wire fraud, authorities searched the residence and found a pistol and ammunition in his closet, according to court filings. Wiederhorn is banned from possessing firearms because of his past conviction. At a court hearing last month, Wiederhorn's defense team told the judge the gun belonged to one of his sons. In 2023, Wiederhorn publicly announced he was stepping down as CEO, framing it as a way to "eliminate the distraction" of the ongoing federal probe. Weeks later, according to federal authorities, Wiederhorn 'removed every director other than himself' from the board of Fat Brands and 'reconstituted' a new board with directors 'under his control." The board now includes three of Wiederhorn's children. Last year, in May, a federal grand jury indicted Wiederhorn over an alleged $47-million "sham loan" scheme, which prosecutors say dates to 2010. Authorities accused Wiederhorn of evading millions in taxes by hiding his true income. Read more: Ex-Fatburger boss used company funds for Rolls-Royce and other luxuries in $47-million scheme, indictment says Company money — categorized as 'shareholder loans' — was allegedly disbursed to Wiederhorn and his family 'for their personal benefit,' according to the indictment. Some of that money went toward private-jet travel, ski trips, a Rolls-Royce Phantom and other luxury automobiles, a jewelry collection and a baby grand piano, federal prosecutors say. According to the indictment, Wiederhorn 'had no intention of repaying these sham 'loans.' ' The indictment cited a September 2020 email, in which Wiederhorn said that in addition to his disclosed annual salary of approximately $400,000, he received "$3m-4m of distributions from my company as loans, then periodically the company forgives those loans." 'Mr. Wiederhorn consulted and followed the advice of world-class professionals in all of his business dealings,' Nicola Hanna, Wiederhorn's attorney, previously told The Times. '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 was allegedly assisted by the company's former chief financial officer, Rebecca D. Hershinger, and his outside accountant, William J. Amon, who were also charged in the 22-count indictment. Both have pleaded not guilty. Fat Brands has also been charged. Brian Hennigan, counsel for Fat Brands Inc., previously told The Times the charges were 'unprecedented, unwarranted, unsubstantiated and unjust." Schleifer, whose father is the co-founder and chief executive of Regeneron Pharmaceuticals, started with the U.S. attorney's office in 2016. He prosecuted drug trafficking and fraud cases before quitting in 2019 to run for an open congressional seat in New York's 17th District. During his congressional bid, in which he finished second in the Democratic primary, Schleifer on social media attacked Trump's tax policies and behavior toward federal investigators. In one 2020 tweet, Schleifer accused Trump of eroding constitutional integrity 'every day with every lie and every act of heedless, narcissistic corruption.' In his filing last week contesting his firing, Schleifer referred to his postings on social media as "First-Amendment-protected political advocacy." According to the filing, it was Wiederhorn's lawyer Hanna — then serving as U.S. attorney appointed by Trump — who rehired Schleifer in 2020. After his return to the federal prosecutor's office in L.A., Schleifer was assigned an ongoing investigation of Wiederhorn and others. In the recent challenge to his firing, Schleifer accused Wiederhorn and his defense team of commissioning a tabloid news article attacking his work and urging officials to remove him from the case and his job as a prosecutor. Schleifer also alleged in his filing a March 17 meeting held between the U.S. attorney's office and Wiederhorn's counsel, including Hanna, in which the latter allegedly "sought Mr. Schleifer's removal from the cases on the mistaken, unethical, and improper grounds that his and the Office's work on those cases reflected a 'woke,' 'DEI,' and 'Biden' bias." Read more: Trump's axing of L.A. federal prosecutor part of broader war on perceived legal enemies At the meeting, according to the filing, the defense team brought up Schleifer's critical comments about Trump on social media. Schleifer accused Wiederhorn and his defense team of providing those same social media posts to White House officials and other "tabloid and 'citizen' journalists." Schleifer alleged he was removed from his position "on the basis of these smears." Wiederhorn's securities fraud trial is scheduled for Oct. 28. His lawyers successfully argued for a continuance in the firearms case, citing the fact that the 9th Circuit Court of Appeals is reviewing a ruling on gun rights for nonviolent convicted felons. The trial is set for Jan. 20, 2026. Times staff writers Matt Hamilton and Laura J. Nelson contributed to this report. Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week. This story originally appeared in Los Angeles Times.
