First Brands Ex-CFO Pleads Guilty, Turns on James Brothers (1)

Former First Brands Group Chief Financial Officer Stephen Graham pleaded guilty over a massive fraud that drove the auto-parts supply firm into bankruptcy, and he will testify against company founder Patrick James and his brother Edward at their criminal trial.

Graham, 68, entered his plea Monday before US District Judge Analisa Torres to four counts, including bank fraud, wire fraud, and conspiracy to commit those crimes between 2018 and 2025. He became the second high-level executive to plead guilty, and he could give jurors a roadmap into a fraud that caused billions of dollars in losses.

“Mr. Graham is expected ...