The duo engaged in a series of schemes to defraud the company’s lenders and financing partners, according to the federal indictment. First Brands lenders now face “billions in losses” as a result of the alleged schemes, according to the indictment. The brothers were each charged with nine counts, including continuing financial crimes enterprise, wire fraud, bank fraud, conspiracy to commit wire fraud and conspiracy to commit money laundering. Lenders have denied James’ claims and blamed First Brands’ Chapter 11 case on alleged fraud involving the former chief executive officer. Edward James also exited as executive vice president soon after the company sought court protection, according to bankruptcy papers.