Andrew A. Wiederhorn (born February 10, 1966) is an American businessman from

Portland, Oregon Portland (, ) is a port city in the Pacific Northwest and the largest city in the U.S. state of Oregon. Situated at the confluence of the Willamette and Columbia rivers, Portland is the county seat of Multnomah County, the most populous co ...

. He is the CEO and President of FAT Brands Inc., a restaurant franchising company that owns 17 restaurant brands and franchises over 2,300 units worldwide. Prior to FAT Brands, he founded Wilshire Financial Services Group and served as its

CEO A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

, with a then net worth of $140 million. Wiederhorn served a penitentiary sentence after pleading guilty to multiple felony counts between 2004 and 2005, which included filing a false tax return and an

ERISA The Employee Retirement Income Security Act of 1974 (ERISA) (, codified in part at ) is a U.S. federal tax and labor law that establishes minimum standards for pension plans in private industry. It contains rules on the federal income tax eff ...

violation.

Early life

Wiederhorn was born and raised in

. He was raised in a single-parent home by his mother after his father died when he was nine years old. As a teenager, he obtained a permit allowing him to rent

jet ski Jet Ski is the brand name of a personal watercraft (PWC) manufactured by Kawasaki, a Japanese company. The term is often used generically to refer to any type of personal watercraft used mainly for recreation, and it is also used as a verb to ...

s along the

Willamette River The Willamette River ( ) is a major tributary of the Columbia River, accounting for 12 to 15 percent of the Columbia's flow. The Willamette's main stem is long, lying entirely in northwestern Oregon in the United States. Flowing northward b ...

to earn an income. He graduated from Lincoln High School before attending the

University of Southern California The University of Southern California (USC, SC, or Southern Cal) is a Private university, private research university in Los Angeles, California, United States. Founded in 1880 by Robert M. Widney, it is the oldest private research university in C ...

, where he earned a

Bachelor's degree A bachelor's degree (from Middle Latin ''baccalaureus'') or baccalaureate (from Modern Latin ''baccalaureatus'') is an undergraduate academic degree awarded by colleges and universities upon completion of a course of study lasting three to six ...

in business.

Career

Wilshire Financial Services Group and controversies

Wiederhorn founded Fog Cutter Capital Group, formerly known as Wilshire Real Estate Investment Trust Inc., as well as Wilshire Credit Corporation, a subsidiary of Wilshire Financial Services Group, the latter of which collapsed during the fall of the 1998 Wall Street financial crisis. Litigation began following questionable investments involving

union Union commonly refers to: * Trade union, an organization of workers * Union (set theory), in mathematics, a fundamental operation on sets Union may also refer to: Arts and entertainment Music * Union (band), an American rock group ** ''Un ...

retirement funds. However, US law enforcement continued a criminal investigation into Wiederhorn's activities while at Wilshire Credit Corporation, which was ended when Wiederhorn pleaded guilty to filing a false tax return and an ERISA violation by forgiving a loan guaranty from Jeffrey Grayson, the head of Capital Consultants. Wiederhorn also paid a $2 million fine and served 14 months in federal prison between 2004 and 2005. In April 2013, while conducting a CBS ''

Undercover Boss ''Undercover Boss'' is a reality television series franchise created by Stephen Lambert and produced in many countries. It originated in 2009 on the British Channel 4. The show’s format features the experiences of senior executives working u ...

'' press interview, Wiederhorn attributed his jail sentence to bad legal advice he had received on a business deal, which led to the violation of the pension fund law, ERISA. The controversy around Wiederhorn continued when the board of directors of Fog Cutter Capital Group voted to give Wiederhorn a bonus equal to the fine he paid the US government, and paid his salary during his incarceration—despite Federal rules that a convict can not engage in business dealings while imprisoned. The immediate result was that NASDAQ delisted Fog Cutter Capital Group. The long-term result was that Wiederhorn had his membership in the influential

Multnomah Athletic Club The Multnomah Athletic Club is a Social club, private social and Sports club, athletic club in Portland, Oregon, United States. Located in the Goose Hollow, Portland, Oregon, Goose Hollow neighborhood, it was originally founded in 1891 as the M ...

suspended in October 2004. ''

The Wall Street Journal ''The Wall Street Journal'' is an American business-focused, international daily newspaper based in New York City, with international editions also available in Chinese and Japanese. The ''Journal'', along with its Asian editions, is published ...

'' described the Club as "the premier social center for executives, politicians and socialities in this city of more than half a million." After finishing his sentence, Wiederhorn initiated a legal fight against the Club, claiming that it had treated him unfairly and that other Multnomah Athletic Club members who have committed crimes were not disciplined as harshly as him. One example he cited was his former business associate Lawrence Mendelsohn, who pleaded guilty in the same case involving Capital Consultants, but served no jail time. Wiederhorn lost the lawsuit, and found himself "something of a pariah" as a 2011 newspaper article described his situation. Fog Cutter Capital Group owned a major position in Fatburger, a restaurant chain based in southern California, and because he needed to devote more attention to the restaurant chain, moved to

Beverly Hills Beverly Hills is a city located in Los Angeles County, California. A notable and historic suburb of Greater Los Angeles, it is in a wealthy area immediately southwest of the Hollywood Hills, approximately northwest of downtown Los Angeles. Bev ...

in 2009, saying that will make his commute to Fatburger's then Santa Monica headquarters considerably easier and cheaper.Jeff Manning
"Wiederhorn moves from West Hills to Beverly Hills"
''The Oregonian'', originally published July 20, 2009 His home in Portland, a mansion he dubbed "The Ivy," was put up for sale in July 2011 for $5.7 million. Wiederhorn had acquired the mansion and its properties in a trade from Casey Powell, former CEO of

Sequent Computer Systems Sequent Computer Systems was a computer company that designed and manufactured multiprocessing computer systems. They were among the pioneers in high-performance symmetric multiprocessing (SMP) open systems, innovating in both hardware (e.g., cach ...

in 1995, then spent $8.7 million constructing a new wing to the house and other improvements.Jeff Manning, "Wiederhorn to get rid of The Ivy: The scandal-linked executive decides to sell one of his last ties to Portland", ''The Oregonian'', July 28, 2011, p. A1+

FAT Brands

Fatburger Fatburger North America Inc. (doing business as Fatburger) is an American fast casual restaurant chain. Its tagline is ''The Last Great Hamburger Stand''. While it is a fast food restaurant, the food is cooked and made to order. Some Fatburger ...

had struggled through the 2008-10 recession, with subsidiaries in California and Nevada entering

Chapter 11 bankruptcy Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whe ...

in 2009. In 2011 Wiederhorn announced that the 101-outlet chain had successfully restructured. According to the California Corporation Commission, Fatburger has been given the green light to continue selling its franchise. While expanding the company, Wiederhorn acquired Buffalo's Cafe in 2011 and Ponderosa and Bonanza Steakhouses in 2017. He launched global restaurant franchising company, FAT Brands, which he took public on the NASDAQ in 2017. Through FAT Brands’, he also acquired Johnny Rockets in 2020 and then in 2021, Global Franchise Group, Twin Peaks, Fazoli’s and Native Grill & Wings. The television show ''

'' featured Wiederhorn and Fatburger as the subjects of its April 5, 2013, episode.Matthew Kish
"Andy Wiederhorn to appear on 'Undercover Boss'"
''Portland Business Journal'' March 25, 2013

References

External links

Fog Cutter Capital Website
{{DEFAULTSORT:Wiederhorn, Andrew 1966 births Living people 20th-century American Jews American chief executives of financial services companies American white-collar criminals Businesspeople from Oregon Lincoln High School (Portland, Oregon) alumni University of Southern California alumni American businesspeople convicted of crimes Participants in American reality television series 21st-century American Jews