First ​Brands Group ‌founder Patrick James and his ​brother Edward have been indicted in New ‍York for allegedly ​defrauding lenders out of billions ​of ⁠dollars before the auto parts company collapsed into bankruptcy.

Federal prosecutors accused the auto-parts company founder of defrauding lenders to his now-bankrupt company.

CNBC's Leslie Picker delivers the latest news on private credit.

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,

Patrick James, the former CEO of bankrupt auto parts supplier First Brands Group, was indicted on federal fraud charges and arrested Thursday in Ohio with his brother Edward, a former senior executive with the company,