Founder of bankrupt subprime auto lender Tricolor Holdings is charged with fraud

NEW YORK (AP) — The founder of Tricolor Holdings and other executives of the subprime auto lender were charged Wednesday with what federal authorities say was a massive fraud that led the company into bankruptcy. Daniel Chu, the company’s founder and chief executive, was charged in an indictment unsealed in Manhattan federal court with directing multiple executives since 2018 to defraud investors and lending institutions through multiple fraudulent schemes. A defense lawyer did not immediately return a ...