Tricolor Execs Charged in $2B Fraud Scheme
Update: 2025-12-17
Description
Federal prosecutors charge Tricolor executives with defrauding lenders and investors, alleging a scheme involving double-pledging collateral and embezzlement of millions. The companys CEO, Daniel Chu, is accused of paying himself a $6.25 million bonus just weeks before the companys bankruptcy, leaving banks and investors with significant losses.
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