Patrick and Edward James, founders of First Brands, were indicted on fraud charges linked to the company’s bankruptcy filing in September 2025, which revealed over $9 billion in liabilities and missing funds. The indictment alleges they inflated invoices and falsified financial statements to fraudulently secure billions, ultimately destabilizing the company. First Brands plans to pursue legal action against the brothers, while Edward James’s attorney claims there is no evidence for the accusations. The brothers’ financial practices, including risky acquisitions and factoring, contributed to the company’s downfall.
