Tricolor Executives Face Fraud Charges Amid Bankruptcy and CEO Bonus Controversy
Federal prosecutors have charged top executives of the bankrupt subprime auto lender Tricolor with conspiracy to commit fraud, including schemes like double-pledging collateral, which led to a billion-dollar collapse affecting banks, investors, and employees. The indictment highlights misconduct by CEO Daniel Chu and COO David Goodgame, with some former executives cooperating with investigations, and reveals significant financial losses for major banks involved.
