"He built First Brands from nothing,"
"Mr. James looks forward to presenting his case in court."
"needless theater."
"We look forward to appearing in New York on his behalf, and we have complete confidence in Mr. James,"
Patrick and Edward James face federal charges including wire fraud, bank fraud, conspiracy, and money laundering conspiracy related to an alleged multibillion-dollar financing fraud. Prosecutors allege years of inflated invoices, repeated double- and triple-pledging of the same assets as collateral, and falsified corporate financial statements that generated billions in financing. First Brands filed for Chapter 11 bankruptcy in September, contributing to stress in the credit market and following the collapse of Tricolor Holdings. A third former executive has pleaded guilty. Patrick James faces an additional count alleging a continuing financial crimes enterprise. Jefferies and UBS had exposure to First Brands.
Read at Business Insider
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