The newly appointed CEO of First Brands stated that the management acknowledged that the company fabricated invoices to deceive investors.

The newly appointed CEO of First Brands Group testified in federal court on Monday, stating that the company's founder, Patrick James, had ordered the finance department to transfer billions of dollars of company cash to his personal bank account, family trust fund, and various businesses under his control. Charles Moore also testified that in the few weeks since he took office, he had discovered evidence of large-scale financial fraud at the automotive parts company, including falsified invoices, obtaining loans from different financial institutions using the same assets, and other misconduct. Moore told US Bankruptcy Judge Christopher Lopez, who is overseeing the bankruptcy case, that during his conversations with three senior managers, all three admitted that the company had falsified invoices to secure financing.