Tricolor Execs Indicted in $1B Fraud Scheme
Update: 2025-12-17
Description
Federal prosecutors indict four former Tricolor executives for a multi-year fraud scheme, alleging they defrauded lenders by double-pledging collateral. The scheme, described as a financial crimes enterprise, resulted in nearly one billion dollars in losses for lenders. Two defendants have pleaded guilty and are cooperating with the government. Tricolor, a major auto retailer, filed for bankruptcy, leaving over sixty thousand customers with outstanding loans.
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