First Brands Founder Indicted for Multibillion Dollar Fraud Amid Ongoing Bankruptcy

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.