Ex-First Brands CEO Patrick James, Brother Indicted for $9B Fraud Scheme

Former First Brands Group CEO Patrick James and his brother Edward were indicted Thursday (2026-01-29) on federal fraud charges for allegedly orchestrating a multi-year scheme that extracted billions from banks using falsified documents and financial statements. The U.S. Attorney’s Office for the Southern District of New York alleges the pair secured financing for First Brands while diverting millions personally. The company filed for bankruptcy in September 2025 with over $9 billion in liabilities and just $12 million in cash, according to court filings tied to the indictment. Both men were arrested in Ohio.