| In First Brands SDNY Case
Patrick Tracked by Phone But
Edward Keeps Bracelet if in Ohio
by
Matthew Russell Lee, Patreon Book
Substack
SDNY
COURTHOUSE,
Feb 4 – After the
collapse of First Brands and
banks calling themselves the
victims despite having
continued to do business with
them, DOJ in late January
announced the unsealing of an
Indictment charging PATRICK
JAMES of First Brands Group,
LLC, and his brother EDWARD
JAMES with conspiracy to
commit wire fraud and bank
fraud, conspiracy to commit
money laundering, and multiple
counts of wire fraud and bank
fraud, in connection with
various schemes to defraud
lenders regarding the
liabilities and financial
condition of First
Brands. PATRICK JAMES
was charged in an additional
count of managing a continuing
financial crimes enterprise in
connection with the charged
schemes.
On February
4 the duo was in the U.S.
District Court for the
Southern District of New York
Magistrates Court on
arraignment and bail
conditions. Inner City Press
live tweeted:
All rise!
[Co-defendant repped by former
EDNY US Attorney DuCharme, who
points out Edward James is not
charged in count onr
Magistrate Judge Robyn
Tarnofsky: How do you plead?
Not guilty. Not guilty.
Judge: Is
there an agreement on release
pending trial? DuCharme for
Edward James: The Ohio
condition are too restrictive.
The Government told us in
December he was uo for arrest.
His wife has family overseas,
but he didn't flee
AUSA: There is a
flight risk, motive and means.
There's $10 billions in
losses. Patrick James
faces life in prison, ten year
minimum. Edward reported $76
million in assets
AUSA: We think he
has $110 million - he could
sacrifice the $25 million
bond. He is looking at
accounts in Singapore and
Malaysia, where he's from. His
letter says he wants
hydrotherapy - that is,
swimming. He lives in a
massive compound
AUSA: They
cite Charlie Javice, but that
was a smaller fraud, only $175
million. Judge: He has a
pregnant daughter. Why would
he leave? AUSA: He could take
them with him
DuCharme:
In December he was flying
arround in private jets. He's
got reputable private
security. His son's grave is
near his home.
They're
back Patrick James' lawyer: at
least one bank had questions
but kept doing business with
First Brands
Patrick
James: I don't want to say his
assets in court, it's private
Judge Tarnofsky: For Patrick
James, no GPS bracelet,
instead, location monitoring
by cell phone, 50 million bond
with 2 cosigners. Edward,
same, monitor by watch or if
not available, bracelet
Judge: 25
million bond for Edward.
Patrick will live on Long
Island - please go to EDNY
pre-trial services.
More on
X for Subscribers here
and Substack here
The case is USA
v. James, et al., 1:26-cr-29
(Torres / Tarnofsky)
***
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