First Brands founder Patrick James and brother Edward indicted on fraud charges
CBSN
The founder of First Brands and his brother were indicted on fraud charges Thursday, the latest development in a legal saga involving the beleaguered auto parts company, which filed for bankruptcy in September. Edited by Aimee Picchi In:
The founder of First Brands and his brother were indicted on fraud charges Thursday, the latest development in a legal saga involving the beleaguered auto parts company, which filed for bankruptcy in September.
The indictment, unsealed in a federal courthouse in New York on Thursday, accuses Patrick James and Edward James of bankrupting First Brands and fraudulently obtaining billions of dollars behind the backs of the company's lenders and financing partners.
The legal filing alleges that from 2018 to 2025, the brothers enriched themselves by falsely inflating invoices for accounts receivable and payable, falsifying financial statements and hiding substantial liabilities from lenders, among other practices.
"These schemes yielded billions of dollars in financing to First Brands and enabled Patrick James and Edward James to reap millions of dollars in proceeds derived from their fraud," the legal filing claims.
A First Brands spokesperson said the company plans to pursue all available claims and causes of action against the James brothers, and that its board of managers is conducting an independent review of the company's historical business practices.
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