Ex-First Brands CEO accused of running ‘Ponzi scheme’

Ex-First Brands CEO accused of running ‘Ponzi scheme’

Former First Brands Group chief executive Patrick James was indicted on federal fraud charges and arrested Thursday in Ohio along with his brother Edward, a former senior executive at the company, according to the U.S. Attorney’s Office in the Southern District of New York. Prosecutors allege the James brothers “perpetrated a yearslong fraud” to obtain billions of dollars for First Brands, and millions for themselves, by deceiving investors and …

First Brands executives charged with multibillion-dollar fraud

Former CEO Patrick James and former senior executive Edward James allegedly deceived banks and lenders through fake collateral, pledged assets and misleading financial statements.