All articles tagged with #patrick james
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.
Patrick James resigned as CEO of First Brands Group following its bankruptcy, leaving restructuring expert Charles Moore to manage the complex financial issues, including allegations of asset commingling and off-balance sheet financing, as the company seeks to stabilize and sell its assets.
Patrick James, the founder of First Brands, has stepped down as CEO, marking a significant leadership change for the company.
Patrick James, CEO of bankrupt First Brands Group, is considering stepping down amid the company's rapid collapse and ongoing investigations by the Justice Department, following a series of aggressive acquisitions and financial irregularities that have raised questions about oversight and management.