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Former First Brands CEO Patrick James and his brother are indicted for bilking billions from banks
['Associated Press']
San Bernardino Sun
Acquisitions by First Brands included well-known industry brands like Fram filters, Autolite sparkplugs and Anco windshield wiper blades.
This yielded billions of dollars of financing for the company, which the James brothers used to finance a lavish lifestyle, the indictment said.
A spokesperson for James said “Patrick James is presumed innocent and denies these charges.
He built First Brands from nothing into a global industry leader and has always been devoted to the success of the company.
Patrick James, 61, and his brother Edward, 60, each face nine counts, including wire fraud, bank fraud and conspiracy to commit money laundering.