First Brands Group founder Patrick James and his brother Edward have been indicted in New York for allegedly defrauding lenders out of billions of dollars before the auto parts supplier collapsed into bankruptcy.
An indictment was made public on Thursday in Manhattan federal court.
The nine-count indictment contains charges including running a continuing financial crimes enterprise, bank fraud, wire fraud and money laundering conspiracy. Both defendants could face decades in prison if convicted.
Lawyers for the defendants were not immediately available for comment.
Patrick James had been First Brands’ chief executive, while Edward James was a senior vice president.
