- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2024-05-13T17:22:00
Restaurant operator FAT Brands said it would contest charges announced by the Department of Justice (DOJ) regarding violations of the Sarbanes-Oxley Act (SOX) related to personal loans made to executive officers.
FAT was charged with two counts of extension and maintenance of credit in the form of personal loan from issuer to executive officer, according to an indictment announced by the U.S. Attorney’s Office for the Central District of California on Friday. In a related matter, the Securities and Exchange Commission (SEC) charged FAT with fraud regarding its disclosures about related person transactions with Andrew Wiederhorn, the company’s former chief executive officer and current chairman, and his family.
FAT, which owns restaurant brands Fatburger, Johnny Rockets, Twin Peaks, Smokey Bones, and more, said in a statement it would “take all necessary action to defend itself” regarding charges it described as “unprecedented, unwarranted, unsubstantiated, and unjust.”
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