Subprime Lenders Charged in $1B Fraud Scheme
Update: 2025-12-17
Description
Federal prosecutors have charged top executives of Tricolor Holdings, a now-bankrupt subprime auto lender, with a multi-year fraud scheme. The indictment alleges that Daniel Chu and David Goodgame misrepresented the value and nature of loan collateral, securing billions from lenders and investors. The alleged deception began in 2018 and continued until at least 2025, eroding trust in financial markets. The complex legal proceedings may impact subprime lender regulation and asset valuation.
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