First Brands Founder Patrick James Indicted on Fraud Charges -- WSJ

Dow Jones

Jan 29

By Alexander Gladstone

First Brands Group founder Patrick James and his brother Edward were indicted by federal prosecutors on charges of defrauding lenders ahead of the auto-parts company's collapse into bankruptcy.

Patrick James, whose empire of automotive aftermarket brands collapsed in September, was accused by federal prosecutors in New York of "a series of fraudulent schemes against the company's lenders and financing partners." Patrick and Edward James, a former First Brands executive, are charged with crimes including bank and wire fraud, according to a copy of a federal indictment reviewed by WSJ Pro Bankruptcy.

First Brands' sudden implosion last year rattled credit markets and presented a glaring example of the risks lenders take when providing financing to closely held enterprises whose inner workings might not be fully understood.

Representatives of Patrick and Edward James had no immediate comment.

Write to Alexander Gladstone at alexander.gladstone@wsj.com

(END) Dow Jones Newswires

January 29, 2026 10:58 ET (15:58 GMT)

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