Nov 10, 2015 11:56 AM by News Staff
LOS ANGELES (AP) - A Newport Beach man who pleaded guilty to fraud in connection with a multimillion-dollar plot to sell fake In-N-Out franchises in the Middle East has been sentenced to two years in federal prison.
The Los Angeles Times reports 55-year-old Craig Stevens was sentenced Monday. He has also been ordered to serve three years of supervised release upon completion of his prison term.
Prosecutors say Stevens communicated with investors abroad via email and began selling In-N-Out franchises for about $150,000 each, plus additional money from royalties. Stevens allegedly solicited nearly $4.3 million from about 10 investors.
Stevens, who pleaded guilty to wire fraud in June, is expected to begin his prison sentence in January 2016.
In-N-Out Burger Inc. is privately owned. The Irvine-based company does not have franchise agreements.
Information from: Los Angeles Times, http://www.latimes.com/
Copyright 2015 The Associated Press. All rights reserved.
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