Tricolor Founder Chu Charged With Alleged Fraud, DOJ Says

Photographer: Ash Ponders/Bloomberg US prosecutors charged the founder of bankrupt subprime auto lender Tricolor Holdings with conspiring to defraud lenders and investors, in a sweeping indictment of the leadership of a used car dealer and financing company that collapsed in a wave of scandal in September. The indictment accuses Daniel Chu and other executives who had worked at Tricolor of operating the company through “systemic fraud.” Tricolor filed for bankruptcy in September after shutting down more ...