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Invoice Financing

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Ex-Founders Charged in Decade-Long Fraud at First Brands
business27 days ago

Ex-Founders Charged in Decade-Long Fraud at First Brands

Federal prosecutors indicted Patrick James and his brother Edward for an elaborate fraud scheme at the bankrupt auto-parts company First Brands, including concealing debt and using round-trip financing to mislead lenders, involving billions in fake accounts dating back to 2018; the case follows the company’s bankruptcy and James’s ouster over alleged fund siphoning.