Tricolor Execs Charged in $800M Fraud Scheme
Update: 2025-12-18
Description
Federal prosecutors have charged Tricolors top executives, Daniel Chu and David Goodgame, with bank and wire fraud. The duo is accused of a years-long scheme to defraud lenders, involving double-pledging and collateral manipulation, leaving major lenders like JPMorgan and Fifth Third Bank exposed to significant losses. Chu also allegedly used company funds for personal gain, including a multi-million-dollar property purchase in Beverly Hills. Both executives face serious consequences, with Chu appearing in a Florida court and Goodgame in a Texas court.
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