First Brands accuses former CEO of misappropriating millions, perhaps billions
Update: 2025-11-04
Description
In a stunning turn of events, First Brands, a prominent US car parts company, has accused its former CEO and founder, Patrick James, of a massive fraud operation that allegedly drained the company's finances and pushed it into bankruptcy. The lawsuit, filed in Texas, claims James misappropriated hundreds of millions, possibly billions, from company funds, and set up shady financing deals using special-purpose companies. The company's employees and investors are shocked, with the fallout creating uncertainty and frustration. As investigations continue, the future of the auto parts supplier remains uncertain.
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