First Brands, a bankrupt U.S. auto parts maker, sues former CEO Patrick James for orchestrating frauds that left the company insolvent. Allegations include misappropriating hundreds of millions of dollars and incurring $2.3 billion in liabilities through fake invoices and double-pledged collateral. James stepped down as CEO last month. The company’s bankruptcy raises concerns about opaque financing in the private credit market, involving top financial institutions. A special committee of independent directors is investigating off-balance-sheet financing, while James filed a legal motion supporting the appointment of a fiduciary to investigate the company’s financial practices leading up to the bankruptcy filing.

Read more at Yahoo Finance: First Brands accuses former CEO of misappropriating millions, perhaps billions