The complaint alleges managers forged an operating agreement, diverted millions in revenue, and then billed the founder’s company for at least $11,515 to plan his termination months in advance.
STANFORDVILLE, N.Y., Jan. 30, 2026 /PRNewswire/ — The founder of the current PCARMARKET, an online auction platform for exotic cars, has filed suit alleging the CEO and COO fabricated corporate documents to steal his controlling interest in the company, which is now valued in the tens of millions of dollars.
The verified complaint filed in New York Supreme Court, Dutchess County, accuses Defendants CEO and COO, of orchestrating what the plaintiff’s attorneys call a “corporate heist” executed through fraudulent paperwork and diverted funds.
THE ALLEGATIONS
Ian Darcy founded the PCARMARKET business in 2023, investing hundreds of thousands of dollars of personal capital to enhance a platform that specializes in high-end automobiles, primarily focused on facilitating transactions for Porsches, Ferraris, and other luxury brands, as well as for high-end memorabilia. He hired the Defendants CEO and COO, allowing both to work from his upstate New York home for in-person collaboration.
According to the complaint, their access enabled the defendants to manufacture a fraudulent operating agreement on December 4, 2024, eliminating Darcy’s 97% ownership stake. Darcy maintains he never signed, nor agreed to the terms of the document.
The complaint argues the agreement is void regardless, as the original operating agreement required unanimous consent for any ownership transfers. Darcy’s longtime corporate attorney, Michael LaMar, holding 3% of the company, never consented to any transfer of his ownership.
THE BILLING RECORDS
The complaint highlights a September 2025 invoice from the law firm Foley & Lardner LLP billing the Founder for $11,515 for August legal services. Line items in the invoice include research on Darcy’s “possible termination,” drafting agreements to dilute his ownership, and an analysis of company dissolution.
The timing is striking because these legal fees are dated as early as August. Darcy wasn’t terminated until October 10, 2025. The defendants claim Darcy’s conduct at an event justified termination. Furthermore, the event didn’t occur until October 4, 2025.
THE CEO’S TEN-MONTH EVASION
For ten months, from December 2024 through October 2025, Darcy repeatedly asked the defendant for the capitalization table. The defendants allegedly refused direct answers, claiming the capitalization table wasn’t finalized, despite having already rewritten it without consent or disclosure.
THE MONEY
Following Plaintiff’s October termination, he was locked out of all company systems. The defendants allegedly diverted approximately $2.6 million in revenue to JPMorgan accounts under their exclusive control and incurred $1.6 million in unauthorized debt. Some funds allegedly were used to repay a loan from CEO’s father.
THE NEXT STEP
Darcy seeks to void the December 2024 agreement, restore original ownership, impose a constructive trust over company funds, and recover compensatory and punitive damages for fraud, breach of fiduciary duty, conversion, and unjust enrichment.
The defendants have not yet responded. Foley & Lardner LLP could not be reached for comment.
FOR IMMEDIATE RELEASE | Widowmaker Ag, LLC (New York)
IAN DARCY, Individually and Derivatively on Behalf of WIDOWMAKER AG LLC (a Wyoming LLC), v. ETHAN VALLARINO et al.., Index No. 2026-50454, Supreme Court of New York, Dutchess County
These allegations have not been proven in court. Defendants are entitled to present their defense.
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SOURCE Widowmaker AG. LLC (a NY LLC)
