First Brands Accuses Malaysian-Born Founder of Fraud

First Brands Accuses Malaysian-Born Founder of Fraud

Fallen auto parts supplier First Brand is suing its Malaysia-born founder over alleged fraud, which includes claims of a luxurious lifestyle involving exotic cars and a celebrity chef.

First Brands has sued former CEO and founder Patrick James, who was born in Kuala Lumpur, Malaysia, for alleged fraud, according to a lawsuit filed in a Houston federal bankruptcy court.

James has been accused of «misappropriating hundreds of millions (if not billions) of dollars from First Brands», including the funnelling of over $700 million either to himself or affiliated entities from 2018 to 2025. The lawsuit also alleges that he raised funds with non-existent or doctored invoices.

Extravagant Lifestyle

A noteworthy element of the case involves claims that James lived an extravagant lifestyle. This allegedly includes 17 «exotic cars», «lavish» homes in Malibu and the Hamptons as well as six-figure bills for a «celebrity» chef and a personal trainer.

First Brands made headlines earlier this year after filing for Chapter 11 bankruptcy protection and hitting global banks that had financed its operations, including Jefferies and UBS.