Malibu and Supercars: Founder Accused of Looting First Brands

At first, the sales invoice said $179.84. Later, the bill said $9,271.25 – 50 times more.

It was one more trick in a series of alleged ruses – from fudged numbers and questionable collateral, to off-balance-sheet financing and a company slush fund — at First Brands Group, company advisers now claim.

Directing it all, First Brands’ bankruptcy lawyers alleged Monday, was founder Patrick James. The Malaysian-born businessman persuaded prominent Wall Street firms to lend vast sums to his auto-parts company and then misappropriated millions, if not billions, of that money, their lawsuit claims.

Read more: First Brands Blindsides Wall ...