A former First Brands Group executive told a judge last month that he falsified financial statements, inflated invoices and double-pledged collateral to help the auto-parts supply firm get billions of dollars in financing before its collapse.
Peter Andrew Brumbergs made the statements as part of his Jan. 27 guilty plea to fraud charges, a transcript of which was unsealed Wednesday. First Brands founder Patrick James and his brother Edward are also facing charges. The James have pleaded not guilty and deny wrongdoing, but Brumbergs, who is cooperating with prosecutors, could be a key witness against them.
The alleged fraud at ...
