Creditors allege kickbacks on First Brands Group deals

Onset Financial Inc was “pillaging” the company through usurious financing arrangements approved by Edward James, the brother of founder Patrick James, a group of creditors said in a court filing. — Bloomberg

NEW YORK: A major financier to First Brands Group is accused of orchestrating a kickback scheme with the founder’s brother that loaded the now bankrupt auto-parts supplier with expensive debt.

Onset Financial Inc was “pillaging” the company through usurious financing arrangements approved by Edward James, the brother of founder Patrick James, a group of creditors said in a court filing.