First Brands Sues Ex-CEO Over Alleged Fraud
Update: 2025-11-05
Description
Former CEO of First Brands, Patrick James, is accused of orchestrating frauds that led to the company's bankruptcy, with alleged misappropriation of hundreds of millions, if not billions, of dollars. The lawsuit claims James caused the company to incur at least $2.3 billion in liabilities based on non-existent or doctored invoices and double-pledged collateral. James denies the allegations and plans to challenge the complaint, maintaining he has always acted ethically. The company also alleges James transferred hundreds of millions of dollars to himself or affiliated entities between 2018 and 2025, with most transfers occurring between 2023 and 2025. James stepped down as CEO just last month.
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