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First Brands founder Patrick James, brother Edward indicted for fraud
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"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.
Seth DuCharme, the attorney for Edward James, told CBS News that his client has "conducted himself with integrity and dignity over decades of hard work."
Patrick James founded First Brands in 2013 and grew it into a dominant automotive parts manufacturer.
Edward James had served as a senior executive at First Brands, according to the Justice Department.
Part of Patrick James' growth strategy involved acquiring other businesses through borrowed money, which the indictment says created additional financial pressure.