A man is reportedly going to jail for selling fake In-and-Out franchises and making more than $4 million
Aly Weisman/Business Insider
Buzzfeed, which obtained court documents regarding the case, reports that Craig Stevens said he had ambitious plans of opening up In-N-Out franchises in the Middle East. (As of now, In-N-Out is a beloved West Coast staple, with some locations in Utah and Texas - opening a franchise in the Middle East would be a long shot.) With these grandiose promises, Stevens was allegedly able to swindle over $4.27 million dollars from ten investors last year.
According to Buzzfeed, Stevens allegedly sold rights to investors for $150,000 per location, with an added $250,000 for royalties.
Most of Stevens' alleged crimes had caught up to him. Earlier this year, Stevens was charged for committing wire fraud, the Los Angeles Times reports, for sending out a fake In-N-Out licensing agreement to someone in Lebanon last year. The Los Angeles Times notes that Stevens pleaded guilty in June.
Now, the Los Angeles Times reports, Stevens has received his sentence: two years in prison, which is expected to begin this coming January, followed by three years of supervised release.
In-N-Out has publicized that it has no plans of franchising - or even going public.
"The only reason we would do that is for the money, and I wouldn't do it," President Lynsi Snyder said in an interview with CBS earlier this year.
"My heart is totally connected to this company because of my family, and the fact that they are not here - I have a strong tie to keep this the way they would want it."
Business Insider has reached out to In-N-Out for a comment and will update when we hear back.
- People want bigger homes and reopening offices, schools hasn’t altered this trend
- Prime Minister Modi says extension of free ration scheme will benefit crores during the festive season
- Central government employees given 4% hike in DA ahead of Diwali
- Jewellery chains are growing at the cost of standalone jewellers – and it’s only going to get worse, says World Gold Council report
- To beat the traffic of Bangalore, you can now book a 12-minute helicopter ride
- Amazon Festival Sale
- Rice and Pulses
- IIT Guwahati
- Apple Tablets in Amazon Sale
- Biggest Billionaires
- Sundar Pichai
- Home Loan
- Vinod Shantilal Adani
- Amazon Festival Sale
- Accenture earnings forecast
- India's Richest People
- Best 5G Smartphone
- Upcoming Smartphone in 2022
- Top 10 Colleges in India
- Top 10 Airlines in World