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First Brands Founder Indicted for Multibillion Dollar Fraud Amid Ongoing Bankruptcy

Federal prosecutors charged First Brands founder Patrick James with fraud as the company manages a nine billion dollar bankruptcy and supply chain disruptions.

Insights:
Federal prosecutors in Manhattan federal court unsealed a nine-count indictment today against patrick james, the founder and former chief executive of First Brands, and his brother edward james. The charges include running a continuing financial crimes enterprise, bank fraud, wire fraud, and a money-laundering conspiracy. edward james faces most of the same charges as his brother. The criminal case surfaces as the company navigates a massive Chapter 11 bankruptcy process that was initiated in September.
A gavel and a block are pictured at the George Glazer Gallery antique store in Manhattan, New York City, U.S., August 18, 2020. REUTERS/Andrew Kelly/Illustration
A gavel and a block are pictured at the George Glazer Gallery antique store in Manhattan, New York City, U.S., August 18, 2020. REUTERS/Andrew Kelly/Illustration
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