His ‘elaborate scheme’ roiled credit markets. Now Tricolor CEO Daniel Chu is charged with fraud.
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His ‘elaborate scheme’ roiled credit markets. Now Tricolor CEO Daniel Chu is charged with fraud.Listen(3 min)Listen(3 min)U.S. prosecutors on Wednesday charged Daniel Chu and other key executives at bankrupt subprime auto lender and used-car retailer Tricolor Holdings with what was described as “orchestrating a years-long financial crimes enterprise that defrauded multiple banks and other private credit providers.”Chu, the founder and former CEO of privately held Tricolor Holdings, and the company’s former chief operating officer, David Goodgame, were also charged with bank-fraud and wire-fraud offenses. Chu and Goodgame were arrested Wednesday, the indictment said.About the AuthorClaudia Assis is a San Francisco-based reporter for MarketWatch. Follow her on Twitter @ClaudiaAssisMW.Copyright © 2025 MarketWatch, Inc. All rights reserved.