A Newport Beach man was sentenced Monday to two years in federal prison after he pleaded guilty to a wire fraud charge in connection with a multimillion-dollar scheme to peddle bogus In-N-Out Burger franchises in the Middle East.
In addition to the prison term, U.S. District Judge Andrew J. Guilford sentenced Craig Stevens to three years of supervised release after he completes his prison sentence, according to the U.S. attorney’s office in Los Angeles.
Stevens, 55, was charged with wire fraud in April after prosecutors say he began hawking In-N-Out franchises to investors abroad via email. Each franchise cost a flat rate of about $150,000, with additional money from royalties, according to court records.
All told, Stevens solicited nearly $4.3 million from about 10 investors, according to the charging documents filed by federal prosecutors.
Click here to read the full story at LATimes.com.