/biz/ - Business & Finance

Have any of you been following this Fatburger (Ticker: $FAT) situation?

>Saying he wanted to eliminate the distraction of a federal investigation tied to his family, Fat Brands CEO Andy Wiederhorn on Monday said he will step down in May and will become a strategic advisor to the Los Angeles-based restaurant chain operator.

>He will remain on the Fat Brands board, and his family office, Fog Cutter Holdings, will remain the company’s controlling shareholder. The company said Wiederhorn will focus on Fat Brands’ “long-term strategy and capital allocation plans.”

>Fat Brands, which owns Fatburger, Twin Peaks, Fazoli’s and 14 other concepts, did not name an interim CEO, saying it would do so before Wiederhorn transitions to the new role.... Fat Brands last year acknowledged that its CEO and founder was under investigation after the Los Angeles Times reported that federal agents raided the home of his son, Thayer, and sought a search warrant for Wiederhorn’s Beverly Hills home.

>The investigation raised questions about Wiederhorn’s past, which has followed him from the day he started using Fatburger as a vehicle to acquire other brands. Wiederhorn pleaded guilty to tax evasion in 2004 and agreed to pay a $2 million fine. He spent 16 months in prison.

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>>50347037

Anyone here use dYdX? Seems like it may be the answer for Americans to short with margin