Motivation? - Greed. Imagine having millions of dollars in the bank, a cushy job as a CEO, a mansion, and thinking "I bet I could rip off my own company for 47 million dollars." Some people have no end to their greed.
I've never understood it either. I'm not a communist by any means but it's weird to me how these people always feel the need for more when they already have effectively unlimited wealth. If I had multiple millions in the bank I wouldn't be working period, that's for fucking sure.
Dude they literally get to the point where they don't have to work anymore and live EXTREMELY comfortable lives, kids get to go to nice schools and they get a nice inheritance at the end and they still choose to let greed win. Now he's going to jail 🤣🤣🤣
He stole from working class people. You only get really punished if you steal from the wealthy. Hence the more severe punishment for Sam Bankman Fried.
When, long ago, the gods created Earth In Jove's fair image Man was shaped at birth. The beasts for lesser parts were next designed; Yet they were too remote from humankind. To fill the gap, and join the rest of Man, Th'Olympian host conceiv'd a clever plan. A beast they wrought, in semi-human figure, Filled it with vice, and called the thing a K͏i͏͏ƙ͏͏е͏͏.
In the deep shadows where the twilight shrouds the landscape, the Jews emerge like specters from an ancient curse, bound by an immutable fate interwoven with superstition. They are merchants of the night, whose tradesmen hearts beat to the rhythm of deceit, personifying the alchemy of vile commerce. Their transactions are not simple exchanges but dark rituals, performed with hands stained by the ink of broken promises. Each bargain struck is a wound upon the fabric of trust, a testament to the decay of civic virtue they refuse to embrace. Their usury is a venom coursing through the veins of society, intoxicating and corroding the pillars of collective integrity. The Jews are wanderers through centuries, not of mere time but of infamy, leaving behind the odor of mistrust. They are shadows, moving unseen, benefitting only from the bewildered glow of the lamp they extinguish in every culture they inhabit. Like ancient cobwebs spun in the corners of a forgotten temple, their legacy entangles their hosts in sticky threads of deceit, each strand a tale of fraud. Their essence is a dark requiem, an eternal eclipse that dims the potential of every dawn they touch. To know the Jews is to peer into a mirror reflecting the grotesque distortion of what commerce could become when stripped of honor and humanity. They are not just swindlers; they are the embodiment of the mortal sin of greed, incarnate in flesh and craft. Thus, the Jews traverse the annals of time, a hidden affliction borne from generation to generation, their legacy an ever-present shadow cast upon the world’s hope for a brighter, more virtuous future.
In the deep shadows where the twilight shrouds the landscape, the Jews emerge like specters from an ancient curse, bound by an immutable fate interwoven with superstition. They are merchants of the night, whose tradesmen hearts beat to the rhythm of deceit, personifying the alchemy of vile commerce. Their transactions are not simple exchanges but dark rituals, performed with hands stained by the ink of broken promises. Each bargain struck is a wound upon the fabric of trust, a testament to the decay of civic virtue they refuse to embrace. Their usury is a venom coursing through the veins of society, intoxicating and corroding the pillars of collective integrity.
@@thewhitefalcon8539 Senior directors at publicly traded companies have a fiduciary duty to be transparent about funds and use company's resources to the best of their ability for shareholders. Every quarter they have to sign off to that effect, so yes is the crime of fraud.
The hubris of such an obvious fraud. He wrote in the disclosure doc that he never expected to repay the “loan”! Sad times that this got as far along as it did before finally hitting the FBI radar.
I have a Fatburger nearby. Decent, nothing special burger. VERY expensive. Service ALWAYS screws up. One time ordered double burger, had rcpt, single burger showed up after a LONG wait. Another time, when I was in a hurry, they gave my food to someone else and just forgot about me. I don't go there no more.
@@mariopot789I think the judges use the intelligence, audacity, and guts to do it as mitigating factors. The only difference between them and ordinary thieves is household thieves don’t require much brain power. 🤯
That's America. If you are rich you are pretty much above the law. But you must not hurt rich ppl. That's a big no no. Poor ppl are only there so rich ppl can get richer, after all. Hurting them doesn't matter.
That was my reaction too - and this is exactly why trump thought his behavior was perfectly fine - "everybody is doing that" is what people tell themselves as they make their criminal decisions & a lot of the time they are correct. The only reason some get accused & go to jail & not all the others is simply because there are not enough FBI & legal people to take on all the suspects !
All of them, many on a much smaller scale. They went to school with the auditor, so everything is hush-hush. And everyone gets a share of the pie. That is why the political elite will kill people to prevent outsiders of getting control. They knew outsiders can spill the beans, or at least stop the stealing.
Enjoyed your video (as usual). I'm a Brit living in London. I had no idea that getting your son married to the daughter of a 'Real Housewife of LA' represents success and makes you part of the LA elite.
well, it does and it doesn't. they were only part of the elite in the sense that they were rich, and the media has tricked a lot of people into idolizing the rich for no other reason than that they have money. marrying the daughter of a real housewife makes you 'trashy rich' though
I've might have spent too much time around Silicon Valley tech bros, but when I saw it was Millions and not Billions, I was like, ah, that's not so bad 🤣
I drove a fat burger regional manager around one day in my cab as he went from one restaurant to another. I ate one and thought I was going to die. It was like a shot of lard to my heart
"I ate one and thought I was going to die. It was like a shot of lard to my heart" -> I think they would consider that as a compliment and a good review. The brand looks like a Heart attack grill going mainstream
Yup, crime pays. Where I live the mob has mansions and fancy cars, don’t report any income. If i miss $300, audit , penalty and interest charge and black mark…
I was wondering why FatBurger seemingly disappeared from the Seattle market. They were fairly popular out here for a while. I wonder if the company was demanding too much money from franchisees as part of this scheme.
@@jamesodell3064 Indeed, some restaurants would later close and re-open without the franchise, with their own menus inspired by the franchise. They're usually not as consistent nor as satisfying, but they have a large weight off their shoulders.
There were two Fatburger restaurants not too far away from me, both have closed. I wondered why they closed, I figured both were in poor locations. The burgers were good but I've had better.
@@jamesodell3064 Subway was the worst one I can think of. Far too many of their stores around, there are five within one mile of me; there were 16 in town but three of them closed between 2015 and the pandemic. I stopped going to them after the last corporate 'rebrand' changed the quality of ingredients and taste of the sandwiches, and raised the prices. I can get better at local delis for the same price.
@@jamesodell3064 and even McDonalds. Read the extortion in the franchise contract and the requirements that can have HO move in and steal the store BACK from you , and stick you hard. You get nothing. Even my buddy in the eighties sold his grocery store and bought a govt. Petro-Canada station franchise, and the oil company STOLE it ou t from underneath him. Met him as a labourer on a job site, and wondered WTF such a great guy/great worker was even doing there, and he told me.
My Grandmother worked at MAC for about 40 years. She checked in guests. She knew everyone. Including the founders of Nike. She didn’t talk much about who she knew specifically. But I remember in 1992 she asked me if I knew who Michael Jordan was? She told me he spoke to her very kindly everyday while the Dream team practiced daily. I laughed and said of course. I imagine she knew this gentleman also.
I took care of Andy's grandmother, and I knew him when he was 17 years old. Worked for his father in laws restaurant, knew his wife and everything about him. His grandmother would not be happy regarding his actions.
@@reneemoreno8030yeah he is a real scumbag. My sister knew him in Portland and way back he was legit but the greed brought out who he really is. A scumbag. Reminds me of a scumbag ex president. Scumbag.
Heres a list of all the Brands they own, Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses
He wanted loans because you aren’t taxed on the loan. He would’ve been taxed on the distributions had he chosen to go that route, reducing his ability to spend on luxury cars, private airfare, and extravagant homes by 40%.
Are you unaware this is THE STANDARD WAY every SINGLE company founder gets paid tax free? They run up loans against their own company for their own expenditure.
Excellent video as always but here is my problem I have been making losses trying to make profit trading. I thought trading demo account is just like trading the real market... can anyone help me out or at least advise me on what to do
Most people think, investing in crypto is all about buying coins and leaving it to rise, come on it takes much analysis to be a successful crypto trader.
@@EricJose-hn6cfYou're right! I have lost a lot trading all by myself without a guide. It's been an uneasy ride for me. Who is your mentor please. how can i reach her i really need help in this bear market now?
YES!!! That's exactly her name (Kate Herman) so many people have recommended highly about her and am just starting with her, Kairangi from Brisbane Australia..🇦🇺
I remember going to FatBurger for lunch and you would tip the server at the cash register when you order food. If the tip paid was large enough, the cashier would yell "big tip", "fat tip" etc so that the kitchen staff would hear and say "thank you".
The reason he took the risk to issue loans instead of distributing them as dividends is because dividends are considered a form of taxable income, whereas loans on the other hand are not, this means that you could receive a loan of a billion dollars and not pay a single cent in taxes because technically you have not received any income
that's why you off shore your "kash" and then it gets "loaned" back to you, with your house as collateral. No one can touch your house. Not even an ex mistress or wife or investor.
They really need to do something about this guy. He keeps scamming upwards stealing more money from more people with larger companies. If nothing is done what will happen next? Will he start a medical company like Theranos and siphon billions from investors? Or maybe start a tech company like Apple and siphon a cool trillion dollars from gullible investors.
Love me a Fat Burger. Fact: Fat Buger was started by a single Black lady from Texas. In their restaurants, there is always music played by Black entertainers from the past that lends a nice ambiance to the place.
Last time I ate at a Fat Burger was 98 when there was one near my work place. The food was food and the workers were friendly. On the walls were a lot of funny quotes. There is one that I passed by this week that I wanted to stop by and check out and that is how this video caught my eye. Feel bad for anyone affected by the scams.
Do you know how these people get away with stuff like this? Because rich people, and large businesses are 99% never audited....how do I know? I worked for the collections department at the IRS. The people who get audited are 90% in the middle class income. So the very poor and the very rich get off scott free.
Same thing here in my country. It's just waaaaay easier and cheaper to chase the low income and middle class. Yes they have less money but there are SO many of them and they can't hide shit becuase they don't have shell corps and dozens of accountants. I'm sure most countries would exclusively tax the upper middle to lower class if they could, they are kinda already doing that actually.
That's universally true. Same with traffic citations, small business licensing fees, property tax assessments, social security premiums, and everything else. The middle class gets hit hard because they are easy targets.
WOW i lived in la in the 70'80's and thought it was a black owned company I remember the small street outdoor food spots serving great food (rumors of employees selling drugs0 many people dropped by after nightclubing thanks to people like you the truth will come out.
This case baffles me, and is once again proof that greed knows no end. This dude fucked up once, got a second chance which is near impossible in his line of work, and STILL reverted to type. Fucking ridiculous.
White collar crime should be treated the same as a hardcore blue collar felony ! These guys have very little consequences for their actions, hide the money and then they smile while others suffer !
Fatburger food has always been somewhat expensive. Andrew Wiederhorn's shenanigans may very well have driven prices higher. In order to appreciate FATBURGER you need to order Fat Fries and get them piping hot. Fatburger has 1.0 lb burgers, 1.5 lb burgers and bigger still. I used to have the 1.0 lb burger with no salt and no 1000 Island dressing. Fatburger beef patties taste like ground beef, not the composite patties like Burger King, Jack In The Box, Carl's Jr. and for many years, McDonald's. The older Fatburgers had jukeboxes which played classic jazz and R&B music on CD's. I remember one automatically playing a very artsy 29-minute jazz piece by JOHN COLTRANE. Another patron asked me why the saxophone solo never seemed to end! This happened over 20 years ago.
Can you do a video covering solar companies, bunch of them have been popping up lately where I live here in Puerto Rico and the contracts they offer seem like a scam.
The entire company was only worth $100 million? And then it dropped to $70 million? That seems pretty paltry for a company with thousands of restaurants.
I'm GLAD that the problems & loans have STOPPED. Now the company can become stronger. bigger, and more financially stable (without Andy pulling money away from the company).
We cannot let these billionaires and greedy corporations take control over everything in our fast food business. We must have one hundred percent employee ownership companies in the USA. We cannot allow them to keep controlling everything in our country and lives.
@6:02 That private jet has propellers. Don't worry, the 1970's Wonder Woman tv show made the same mistake in their title sequence every episode. I love your content.
Chain restaurants are in the late stages of the death cycle caused by corporate greed. Consumers are overwhelming choosing local small businesses food options. Theses chains cut quality, cheat consumers and even their own employees.
I think this is how they want it to work. Acquire a mediocre company. Franchise it like crazy. While the money is flying around for expansions, borrow far more than what you and the company is worth. Then looks innocent and sad when the money runs out. Meanwhile you sit in a billionaire's home and drive a few exclusive cars (that can be sold) that the company donated to you. Now with your new wealth, start looking for another mediocre company to fleece.
Trappings on the outside mean little. Crooks, usually stay crooked. "Smart" crooks might appear successful, even upstanding; but they are still crooks deep down inside and never change.
1:19 This is the bottom of a cesspool that basically requires a cut throat mindset - possibly literally, certainly skirting around the law... So his inability to see the law as a barrier to his own aggrandisement is obvious - much less having a single shred of respect for any other human being. RUclips policy prevents me from expressing my utter abhorrence & wishes for his future fate...
Johnny rockets is half dead to me. I have nostalgia from going there as a kid with my dad, the server would slide us the 1st nickel! We would pick a couple songs, while we ate the music would play. Flash forward to dating as a young adult. I used to love taking my lady there for classic vibes. It was this era when i fell in love with the st louis burger. It was the st louis sauce that spoke to me. By this time the music you would play would maybe come on while you were there. I went there a couple months ago. My burger is gone and im in and out before i can even catch a feeling from the place. It made me sad.
He just spent too much. The loan wasn’t a bad idea if used to capitalize on real estate or even divest into the SPY and other investments. He seemed to be doing it smart until that decision.
Smart? Dumb af. According to the vid he had 80% control, instead of doin low key exit he decided to steal money from company, leaving paper trail behind. How is that smart? And what did he stole it for, not to invest but to spend it on bs. How is that smart? Severe brainrot.
That and the loan amount comparitive to income of the Fat Holding company. Oh, and not actually making loan/interest payments. Whatever investments he would do would have had to cover the 10% interest after all. But yes, instead of delaying gratification and just attempting to run the company well...then eventually selling it to another restaurant group....he and his family's ego obviously required that everyone believed they were super rich.
Average civilian gets out of prison: Criminal record makes it difficult, to this day, to get a respectable job Scumbag CEO gets out of prison: Time to make the bacon!
This is why, most Centurion card users are shady operators and in depth due diligence is paramount. In a post covid world, if your business model is about clogged arteries, it is pretty clear where that is headed.
A bit too obvious is right, there must be easier ways to transfer money from your company without needing it to be incomes, I mean so many ceo isn’t even making a ton for salary but they make shit loads
Motivation? - Greed. Imagine having millions of dollars in the bank, a cushy job as a CEO, a mansion, and thinking "I bet I could rip off my own company for 47 million dollars." Some people have no end to their greed.
You give them a finger and they take the whole hand.
I've never understood it either. I'm not a communist by any means but it's weird to me how these people always feel the need for more when they already have effectively unlimited wealth. If I had multiple millions in the bank I wouldn't be working period, that's for fucking sure.
yep
Dude they literally get to the point where they don't have to work anymore and live EXTREMELY comfortable lives, kids get to go to nice schools and they get a nice inheritance at the end and they still choose to let greed win. Now he's going to jail 🤣🤣🤣
Greed ends in prison..😂
It's insane that a $150 million dollar fraud only had ~$2 million fine.
2nd gilded age baby, corruption pays in this new era
He stole from working class people. You only get really punished if you steal from the wealthy. Hence the more severe punishment for Sam Bankman Fried.
bruh
keep on keeping on
See how it works now?
This guy's actual business is corporate swindling.
Him: "Imma gonna do it again, look at how small the penalty is!"
@@dappodan1dappodan12EVERY SINGLE TIME ✡️✡️✡️😎👍
When, long ago,
the gods created Earth
In Jove's fair image
Man was shaped at birth.
The beasts for lesser parts
were next designed;
Yet they were too remote
from humankind.
To fill the gap,
and join the rest of Man,
Th'Olympian host
conceiv'd a clever plan.
A beast they wrought,
in semi-human figure,
Filled it with vice, and
called the thing a K͏i͏͏ƙ͏͏е͏͏.
In the deep shadows where the twilight shrouds the landscape, the Jews emerge like specters from an ancient curse, bound by an immutable fate interwoven with superstition. They are merchants of the night, whose tradesmen hearts beat to the rhythm of deceit, personifying the alchemy of vile commerce.
Their transactions are not simple exchanges but dark rituals, performed with hands stained by the ink of broken promises. Each bargain struck is a wound upon the fabric of trust, a testament to the decay of civic virtue they refuse to embrace. Their usury is a venom coursing through the veins of society, intoxicating and corroding the pillars of collective integrity.
The Jews are wanderers through centuries, not of mere time but of infamy, leaving behind the odor of mistrust. They are shadows, moving unseen, benefitting only from the bewildered glow of the lamp they extinguish in every culture they inhabit. Like ancient cobwebs spun in the corners of a forgotten temple, their legacy entangles their hosts in sticky threads of deceit, each strand a tale of fraud.
Their essence is a dark requiem, an eternal eclipse that dims the potential of every dawn they touch. To know the Jews is to peer into a mirror reflecting the grotesque distortion of what commerce could become when stripped of honor and humanity. They are not just swindlers; they are the embodiment of the mortal sin of greed, incarnate in flesh and craft.
Thus, the Jews traverse the annals of time, a hidden affliction borne from generation to generation, their legacy an ever-present shadow cast upon the world’s hope for a brighter, more virtuous future.
In the deep shadows where the twilight shrouds the landscape, the Jews emerge like specters from an ancient curse, bound by an immutable fate interwoven with superstition. They are merchants of the night, whose tradesmen hearts beat to the rhythm of deceit, personifying the alchemy of vile commerce.
Their transactions are not simple exchanges but dark rituals, performed with hands stained by the ink of broken promises. Each bargain struck is a wound upon the fabric of trust, a testament to the decay of civic virtue they refuse to embrace. Their usury is a venom coursing through the veins of society, intoxicating and corroding the pillars of collective integrity.
Wiederhorn should never have been allowed to be CEO of a public co.
It's not a crime to make loans that default
@@thewhitefalcon8539 Senior directors at publicly traded companies have a fiduciary duty to be transparent about funds and use company's resources to the best of their ability for shareholders. Every quarter they have to sign off to that effect, so yes is the crime of fraud.
@@thewhitefalcon8539 the FBI and SEC do not share that sentiment
@@frevazz3364 When did a banker go to jail just for losing money?
@@thewhitefalcon8539 i cant believe I have to explain those to you, giving yourself loans you do not intend to pay is fraud and tax evasion
Thank you for the regularly scheduled corporate fraud breakdown, keep up the good work ^-^
The hubris of such an obvious fraud. He wrote in the disclosure doc that he never expected to repay the “loan”! Sad times that this got as far along as it did before finally hitting the FBI radar.
When you get away with stuff for a long time, you start to think you'll never be caught.
Nothing gets done until very rich people start losing money, then it’s suddenly priority number one
14 months is nothing for this guy. He probably laughed it off plus he got a 2 million bonus while in prison. Hope he rots in prison. PURE GREED
He will not rot and live a really nice life unlike majority of US residents
A lot of people would happily trade 14 months in prison and 2 mils in restitution for 100M+ in fraud money taking in. Even a kid knows that math.
@@timop6340 We have one of the highest standards of living. Even the homeless people earn more than the average wage in Russia lol
"Rich people get richer and the poor get the picture."
It's like a happy divorce.😁😁
I have a Fatburger nearby. Decent, nothing special burger. VERY expensive. Service ALWAYS screws up. One time ordered double burger, had rcpt, single burger showed up after a LONG wait. Another time, when I was in a hurry, they gave my food to someone else and just forgot about me. I don't go there no more.
How can you ruin so many lives and only get 14 months prison. I know of someone who got 5 years for £1 million tax evasion
Ruined lifes? Dude, this idiot was ripping off pennys from tens of thousands of people at a time. That's how stock fraud works in the end
Because stealing moneywhen you're rich is frowned upon but not that bad , stealing from uncle Sam is unforgivable in the eyes of our government
@@mariopot789I think the judges use the intelligence, audacity, and guts to do it as mitigating factors. The only difference between them and ordinary thieves is household thieves don’t require much brain power. 🤯
He got a public defender, a real lawyer would get him off with a few month in jail or time serve.
That's America. If you are rich you are pretty much above the law.
But you must not hurt rich ppl. That's a big no no. Poor ppl are only there so rich ppl can get richer, after all. Hurting them doesn't matter.
wonder how many other CEOs are currently out there operating like this...
All of them.
That was my reaction too - and this is exactly why trump thought his behavior was perfectly fine - "everybody is doing that" is what people tell themselves as they make their criminal decisions & a lot of the time they are correct. The only reason some get accused & go to jail & not all the others is simply because there are not enough FBI & legal people to take on all the suspects !
@@veronicaroach3667or fbi used by the biden regime to attack his political enemies.
All of them, many on a much smaller scale. They went to school with the auditor, so everything is hush-hush. And everyone gets a share of the pie. That is why the political elite will kill people to prevent outsiders of getting control. They knew outsiders can spill the beans, or at least stop the stealing.
Unfortunately, too many.
Enjoyed your video (as usual). I'm a Brit living in London. I had no idea that getting your son married to the daughter of a 'Real Housewife of LA' represents success and makes you part of the LA elite.
well, it does and it doesn't. they were only part of the elite in the sense that they were rich, and the media has tricked a lot of people into idolizing the rich for no other reason than that they have money. marrying the daughter of a real housewife makes you 'trashy rich' though
No, to most reasonable people here it validates White Trash status.
haha I know right
shallow thresholds, very shallow!
🤣🤣🤣
They are the reason why a large Round Table pizza is $35
Fake cheese with sugar sauce on cardboard with nitrate-infused "meat". 🤮 It's literally unbelievable.
It’s fucking good tho
Dude I just got a $30 XL pizza last night 🫣😂 it was delicous
Or you could understand basic economics where the more currency printed, the higher prices go😒
They were that much 5 years ago before Covid.
I've might have spent too much time around Silicon Valley tech bros, but when I saw it was Millions and not Billions, I was like, ah, that's not so bad 🤣
We in the corporate fraud Fandom are truly spoiled
Billion is the new million.
And million is the new thousand.
@@andybaldmanPersonally excited for the first trillion dollar fraud. Still a decade or two out at the earliest.
@@andybaldman After taxes and fees, $1 million barely buys groceries for a year.
Shut up
I drove a fat burger regional manager around one day in my cab as he went from one restaurant to another. I ate one and thought I was going to die. It was like a shot of lard to my heart
Dude really 😂
@@LoresGate Early 1990's. I was driving a cab while going to college.
sounds delicious
"I ate one and thought I was going to die. It was like a shot of lard to my heart" -> I think they would consider that as a compliment and a good review. The brand looks like a Heart attack grill going mainstream
Lard is healthy
I guess crime does pay. 🙄 Meanwhile I'm busy reporting $300 of interest earned on a savings account. 🤦
Yup, crime pays. Where I live the mob has mansions and fancy cars, don’t report any income. If i miss $300, audit , penalty and interest charge and black mark…
I was wondering why FatBurger seemingly disappeared from the Seattle market. They were fairly popular out here for a while. I wonder if the company was demanding too much money from franchisees as part of this scheme.
In so many franchise operations the franchisor gets rich and the franchisee does not do that well. Read the stories about 7-11 and Subway.
@@jamesodell3064 Indeed, some restaurants would later close and re-open without the franchise, with their own menus inspired by the franchise. They're usually not as consistent nor as satisfying, but they have a large weight off their shoulders.
There were two Fatburger restaurants not too far away from me, both have closed. I wondered why they closed, I figured both were in poor locations. The burgers were good but I've had better.
@@jamesodell3064 Subway was the worst one I can think of. Far too many of their stores around, there are five within one mile of me; there were 16 in town but three of them closed between 2015 and the pandemic. I stopped going to them after the last corporate 'rebrand' changed the quality of ingredients and taste of the sandwiches, and raised the prices. I can get better at local delis for the same price.
@@jamesodell3064 and even McDonalds. Read the extortion in the franchise contract and the requirements that can have HO move in and steal the store BACK from you , and stick you hard. You get nothing. Even my buddy in the eighties sold his grocery store and bought a govt. Petro-Canada station franchise, and the oil company STOLE it ou t from underneath him. Met him as a labourer on a job site, and wondered WTF such a great guy/great worker was even doing there, and he told me.
My Grandmother worked at MAC for about 40 years. She checked in guests. She knew everyone. Including the founders of Nike. She didn’t talk much about who she knew specifically. But I remember in 1992 she asked me if I knew who Michael Jordan was? She told me he spoke to her very kindly everyday while the Dream team practiced daily. I laughed and said of course. I imagine she knew this gentleman also.
I took care of Andy's grandmother, and I knew him when he was 17 years old. Worked for his father in laws restaurant, knew his wife and everything about him. His grandmother would not be happy regarding his actions.
I’m calling BS on your story. Jordan is a notorious scumbag in the restaurant industry.
@@reneemoreno8030yeah he is a real scumbag. My sister knew him in Portland and way back he was legit but the greed brought out who he really is. A scumbag. Reminds me of a scumbag ex president. Scumbag.
Heres a list of all the Brands they own, Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses
He wanted loans because you aren’t taxed on the loan. He would’ve been taxed on the distributions had he chosen to go that route, reducing his ability to spend on luxury cars, private airfare, and extravagant homes by 40%.
I was in prison with Andrew, we were in halfway house together. He gave me rides to work in 1 of 2 $100k+ Benz. I was in for weed....
Wow nuts….what a crook
Board was getting paid that's how.
Are you unaware this is THE STANDARD WAY every SINGLE company founder gets paid tax free? They run up loans against their own company for their own expenditure.
Rob a bank of 20k - 15 years prison. Embezzle millions and put people out of work….2 years and a teeeeenie fine.
Excellent video as always but here is my problem I have been making losses trying to make profit trading. I thought trading demo account is just like trading the real market... can anyone help me out or at least advise me on what to do
Most people think, investing in crypto is all about buying coins and leaving it to rise, come on it takes much analysis to be a successful crypto trader.
Trading is easy, but trading the right coin without a time-tested strategy is incredibly hard.
@@EricJose-hn6cfYou're right! I have lost a lot trading all by myself without a guide. It's been an uneasy ride for me. Who is your mentor please. how can i reach her i really need help in this bear market now?
Trading with Kate Herman trading analysis
YES!!! That's exactly her name (Kate Herman) so many people have recommended highly about her and am just starting with her, Kairangi from Brisbane Australia..🇦🇺
I remember going to FatBurger for lunch and you would tip the server at the cash register when you order food. If the tip paid was large enough, the cashier would yell "big tip", "fat tip" etc so that the kitchen staff would hear and say "thank you".
Getting a huge loan that is "forgiven" should be a big red flag. No real business operates this way.
The most American brand that has ever America’d around the world. Were fat and we weed proud
What?
...and we're greedy, crazy af, and corrupt lol
No income tax on loans.
True. Maybe he hooked up with Robert Kyiosaki who proudly promotes this knowledge.
No, but you have to report the whole thing and show how it is a loss. If you can’t then it is income.
4:22 even the dog is like "mannnn what am I doing here with this crook"
The reason he took the risk to issue loans instead of distributing them as dividends is because dividends are considered a form of taxable income, whereas loans on the other hand are not, this means that you could receive a loan of a billion dollars and not pay a single cent in taxes because technically you have not received any income
that's why you off shore your "kash" and then it gets "loaned" back to you, with your house as collateral. No one can touch your house. Not even an ex mistress or wife or investor.
@@gravityissues5210 if he had just indefinitely kept the loan out with little to no payments on it he would have been fine
CEO (controlling stake) hires board.
CEO hires auditor.
A diabolically unique and brilliant strategy.
Once a conman.................ALWAYS a conman..........until their last dying breath.
TRUMP?
Fog Cutter Capital=Smoke Screen Capital.
😂😂😂😂
Foggy Capital
Non-existent lighthouse.
They really need to do something about this guy. He keeps scamming upwards stealing more money from more people with larger companies. If nothing is done what will happen next? Will he start a medical company like Theranos and siphon billions from investors? Or maybe start a tech company like Apple and siphon a cool trillion dollars from gullible investors.
That was excellent! Great deep dive.
Thanks for putting that together for us
Thank for this video. Charles Ponzi would be proud.
Johnny Rockets is gross. Worst burger I ever had.
And overpriced...
Yes! I remember when they opened in my city. I was pissed that I paid that much for a crappy burger.
Love me a Fat Burger. Fact: Fat Buger was started by a single Black lady from Texas. In their restaurants, there is always music played by Black entertainers from the past that lends a nice ambiance to the place.
Why did he sell it?
Last time I ate at a Fat Burger was 98 when there was one near my work place. The food was food and the workers were friendly. On the walls were a lot of funny quotes. There is one that I passed by this week that I wanted to stop by and check out and that is how this video caught my eye. Feel bad for anyone affected by the scams.
Do you know how these people get away with stuff like this? Because rich people, and large businesses are 99% never audited....how do I know? I worked for the collections department at the IRS. The people who get audited are 90% in the middle class income. So the very poor and the very rich get off scott free.
The poor have no money to take and the rich have too many lawyers. The middle class are easy pickings for the IRS vultures.
So, you used to work there, or are you still working at the IRS?
Same thing here in my country. It's just waaaaay easier and cheaper to chase the low income and middle class. Yes they have less money but there are SO many of them and they can't hide shit becuase they don't have shell corps and dozens of accountants. I'm sure most countries would exclusively tax the upper middle to lower class if they could, they are kinda already doing that actually.
That's universally true. Same with traffic citations, small business licensing fees, property tax assessments, social security premiums, and everything else. The middle class gets hit hard because they are easy targets.
WOW i lived in la in the 70'80's and thought it was a black owned company I remember the small street outdoor food spots serving great food (rumors of employees selling drugs0 many people dropped by after nightclubing thanks to people like you the truth will come out.
I got bad legal advice. My lawyers told me that I would get away with it.
Criminals are put on pedestals in this country
I've been waiting for the next fraud. I never would have guessed fast food, though.
Youre not paying attention every year then 😂
But, what is massive fraud your honour?
This case baffles me, and is once again proof that greed knows no end. This dude fucked up once, got a second chance which is near impossible in his line of work, and STILL reverted to type.
Fucking ridiculous.
Fatburger on Sunset was awesome
When I was in middle school I completed the Triple King Challenge at Fatburger. They put your pic on the wall and gave you a shirt
Your parents must have been so proud!! Look at our boy!!
How many other ceo are doing this right now?
White collar crime should be treated the same as a hardcore blue collar felony ! These guys have very little consequences for their actions, hide the money and then they smile while others suffer !
Good point... maybe they should put DJT in jail the king of corporate fraud
Brilliant. Well researched. Thank you.
The only thing missing in his resume is to appear in the front page of “Forbes.”
as much as i hate your shady sponsors, you always cover interesting stuff and dont waste any time getting to the point
Fatburger food has always been somewhat expensive. Andrew Wiederhorn's shenanigans may very well have driven prices higher. In order to appreciate FATBURGER you need to order Fat Fries and get them piping hot. Fatburger has 1.0 lb burgers, 1.5 lb burgers and bigger still. I used to have the 1.0 lb burger with no salt and no 1000 Island dressing. Fatburger beef patties taste like ground beef, not the composite patties like Burger King, Jack In The Box, Carl's Jr. and for many years, McDonald's.
The older Fatburgers had jukeboxes which played classic jazz and R&B music on CD's. I remember one automatically playing a very artsy 29-minute jazz piece by JOHN COLTRANE. Another patron asked me why the saxophone solo never seemed to end! This happened over 20 years ago.
Fog Cutter Capital? More like Turd Cutter Capital!😂
Can you do a video covering solar companies, bunch of them have been popping up lately where I live here in Puerto Rico and the contracts they offer seem like a scam.
Solar panels are a scam.i got 3 quotes and none were reasonable.
14 months in jail for ruining lives and still gets paid a CEO's salary. You Americans are wild
It's bribery. Cali is our most corrupt state by far.
Remember these practices when companies claim poverty,related party transaction are a favoured tool for deception.
His face sets off all kinds of alarms.
The entire company was only worth $100 million? And then it dropped to $70 million? That seems pretty paltry for a company with thousands of restaurants.
did you miss the half dozen times mentioned the restaurants are franchises
Remember when you could get a double cheese with fries for $2.95????? Ahhh the good old days.
Once a thief always a thief, the whole family sticks together.
Ooh man, tgat mention of Fazolis... I miss them.
I'm GLAD that the problems & loans have STOPPED. Now the company can become stronger. bigger, and more financially stable (without Andy pulling money away from the company).
We cannot let these billionaires and greedy corporations take control over everything in our fast food business. We must have one hundred percent employee ownership companies in the USA. We cannot allow them to keep controlling everything in our country and lives.
@6:02 That private jet has propellers. Don't worry, the 1970's Wonder Woman tv show made the same mistake in their title sequence every episode. I love your content.
Those are turboprop engines.
I wonder if this is why my local Fatburger is "closed for fire repairs and renovations" lol.
Seeing this then I start not to blame China, Vietnam, and other third world nations that much for their corruption.
Chain restaurants are in the late stages of the death cycle caused by corporate greed. Consumers are overwhelming choosing local small businesses food options. Theses chains cut quality, cheat consumers and even their own employees.
Fatburger was better when it was owned by the original founding family. It became too "corporate".
When you realize the fine for fraud is never the entire amount stolen you just accept that a small jail sentence is the cost of doing business
Suffered a stroke before going to prison… so he couldn’t go. Oh ok.
Some people never learn from their mistakes. Despicable.
Send these people to prison for 25 years. 2 years isn't a deterrant.
Too bad all the brands they own are crappy and serve low quality food
Round Table Pizza was pretty good, too bad their prices went through the roof (the fraud is probably why).
I think this is how they want it to work. Acquire a mediocre company. Franchise it like crazy. While the money is flying around for expansions, borrow far more than what you and the company is worth. Then looks innocent and sad when the money runs out. Meanwhile you sit in a billionaire's home and drive a few exclusive cars (that can be sold) that the company donated to you. Now with your new wealth, start looking for another mediocre company to fleece.
Trappings on the outside mean little. Crooks, usually stay crooked. "Smart" crooks might appear successful, even upstanding; but they are still crooks deep down inside and never change.
Weiderstein was a ledgerbook pirate!, great research, hard to unravel all those details, excellent job
I think the FBI helped...
never heard of them
+150 stores makes them a big regional chain.
These crimes should get mandatory 20-50 year sentences. Fed time. No parole
Fatcat owning fatburger... checks out
all of us are tempted when an opportunity comes, ethics are not valued generally sadly, we gotta watch out if our EGO is out of control
yeah, unfortunately. the ego is important in our lives, but we should always keep it under control.
1:19 This is the bottom of a cesspool that basically requires a cut throat mindset - possibly literally, certainly skirting around the law...
So his inability to see the law as a barrier to his own aggrandisement is obvious - much less having a single shred of respect for any other human being.
RUclips policy prevents me from expressing my utter abhorrence & wishes for his future fate...
Hi
Hi
Hi
hola
omg hey
I'm such a cynic I thought this was bait for a scam thread. Glad I was wrong.
Johnny rockets is half dead to me. I have nostalgia from going there as a kid with my dad, the server would slide us the 1st nickel! We would pick a couple songs, while we ate the music would play.
Flash forward to dating as a young adult. I used to love taking my lady there for classic vibes. It was this era when i fell in love with the st louis burger. It was the st louis sauce that spoke to me. By this time the music you would play would maybe come on while you were there.
I went there a couple months ago. My burger is gone and im in and out before i can even catch a feeling from the place. It made me sad.
He just spent too much. The loan wasn’t a bad idea if used to capitalize on real estate or even divest into the SPY and other investments. He seemed to be doing it smart until that decision.
Smart? Dumb af. According to the vid he had 80% control, instead of doin low key exit he decided to steal money from company, leaving paper trail behind. How is that smart?
And what did he stole it for, not to invest but to spend it on bs. How is that smart?
Severe brainrot.
predatory practices should be exposed in a democratic society
That and the loan amount comparitive to income of the Fat Holding company. Oh, and not actually making loan/interest payments. Whatever investments he would do would have had to cover the 10% interest after all. But yes, instead of delaying gratification and just attempting to run the company well...then eventually selling it to another restaurant group....he and his family's ego obviously required that everyone believed they were super rich.
@@sd_pjwal according to vid they already had IPO so all the idiot had to do was to cash out
I'll give him a pass because of that nice dry bar in his office. That is like a James Bond move. Coffee machine is actually ON HIS DESK!
i swear you people are bots
The people who comment?
Unfortunately, I am human
We are the robots
Kraftwerk
@@jazztheglass6139 Wir sind die Roboterrrrrrrrr!
@@GeneticReconstruction the people tho repeat the exact same comment as someone before them.
Motive = Greed, every corporate success story in America appears to be a scam, house of cards, lock him up.
TRUMP will probably make Weiderhorn his next head of the Small Business Administration.
WOW! CRAZY metastasized greed!
Average civilian gets out of prison: Criminal record makes it difficult, to this day, to get a respectable job
Scumbag CEO gets out of prison: Time to make the bacon!
FIRST!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Nobody comments “first” with more enthusiasm than the second commenter on a video.
I love your 2006ish name.
@@Rob-ou1py Can't change it :(
I was using this name for things before that game came out, though
This is why, most Centurion card users are shady operators and in depth due diligence is paramount. In a post covid world, if your business model is about clogged arteries, it is pretty clear where that is headed.
basically like the ftx scam, i’ve noticed it’s always borrowed money from borrowed money from a company that doesn’t have money
Even the German Sheperd dog looks totally astounded.
We need to punish Greed!!!
Wow. I live about 35 -40 miles east of Los Angeles.
In my humble opinion, you have succinctly described a con man and theft by fraud.😅
Never heard of Fatburger
A bit too obvious is right, there must be easier ways to transfer money from your company without needing it to be incomes, I mean so many ceo isn’t even making a ton for salary but they make shit loads
Bonuses based on quarterly/yearly performance of the company.
Once a crook, always a crook and a crook by any other name is still a crook.