The founder of First Brands, whose bankruptcy rattled Wall Street, charged in multibillion-dollar fraud

A woman crosses Wall Street

Momo Takahashi/BI

• Auto parts company First Brands shocked Wall Street when it filed for bankruptcy last year.
• Now, federal prosecutors have charged founder Patrick James and his brother with bank fraud.
• Jefferies and UBS are among the financial firms with exposure to First Brands.

The founder of an auto parts company whose bankruptcy rattled Wall Street and prompted a debate about private credit has been charged with fraud.

Manhattan...