{"id":2797,"date":"2026-07-02T20:38:00","date_gmt":"2026-07-02T20:38:00","guid":{"rendered":"https:\/\/hometransferguide.com\/?p=2797"},"modified":"2026-07-02T20:38:00","modified_gmt":"2026-07-02T20:38:00","slug":"former-tricolor-ceo-pleads-not-guilty-to-alleged-800-million-plot-handing-out-car-loans-to-illegal-aliens","status":"publish","type":"post","link":"https:\/\/hometransferguide.com\/?p=2797","title":{"rendered":"Former Tricolor CEO Pleads Not Guilty To Alleged $800 Million Plot Handing Out Car Loans To Illegal Aliens"},"content":{"rendered":"<div>\n<div><!-- \/10519169\/dailycaller_incontent_1 --> <\/p>\n<p>A former CEO pled not guilty to charges concerning an alleged $800 million plot that reportedly provided subprime loans to illegal aliens.<\/p>\n<p>Read more <a href=\"https:\/\/hometransferguide.com\/?p=2795\">11-Year-Old Boy Allegedly Drives Pickup Truck Into Monks On Pilgrimage In Thailand, Kills 9<\/a><\/p>\n<p>Former Tricolor Holdings CEO Daniel Chu pled not guilty to fraud and conspiracy charges Tuesday, court records show. Over 75% of the company\u2019s customers were reportedly Hispanic illegal aliens as of December 2022. <strong>(RELATED: EXCLUSIVE: Trump Admin Intercepts $60 Million In Student Loan Fraud)<\/strong><\/p>\n<p>Tricolor was founded in 2007, emerging as one of the largest auto loan lenders and used-car retailers in the southwestern United States, Reuters reported June 24. It liquidated in September 2025 after allegedly leading three of its lenders to take on nine-figure losses.<\/p>\n<p>The now-bankrupt lender disclosed in a bond deal that 68% of its borrowers didn\u2019t have a credit score, and over 50% of them didn\u2019t have a drivers license, Financial Times reported September 2025.<\/p>\n<p>Regional lender Fifth Third Bank didn\u2019t respond to the Daily Caller News Foundation\u2019s request for comment. JPMorganChase, Barclays, and the U.S. Department of Justice (DOJ) declined to comment.<\/p>\n<p><!-- \/10519169\/dailycaller_incontent_2 --> <\/p>\n<p>Chu, ex-COO David Goodgame, ex-CFO Jerome Kollar, and ex-finance executive Ameryn Seibold at Tricolor allegedly conspired to have the company pledge around $2.2 billion in collateral to meet lender requirements when it only had around $1.4 billion, the DOJ stated in a press release December 2025. Kollar and Seibold pled guilty.<\/p>\n<p>Goodgame pled guilty to the charges on June 24 and will likely cooperate with prosecutors against his former boss, according to Reuters.<\/p>\n<p> <!-- \/10519169\/dailycaller_incontent_3 --> <\/p>\n<p>\u201c[W]here we would have an issue is \u2026 if they sent an auditor and they said, pull this up on your screen, right, that would be a problem,\u201d Chu said in a secretly recorded August 2025 call, the DOJ alleged. \u201cYes. That would be bad,\u201d Kollar allegedly agreed.<\/p>\n<p>Chu also allegedly explored trying to blame Tricolor\u2019s lenders for \u201cignoring red flags,\u201d according to the DOJ.<\/p>\n<p>Read more <a href=\"https:\/\/hometransferguide.com\/?p=2793\">Veteran Allegedly Gunned Down After Parking Spot Dispute, Shooter Claims She Acted In Self-Defense<\/a><\/p>\n<p>U.S. District Judge District Jed Rakoff dismissed a lawsuit from investors against JPMorganChase, Barclays, and Fifth Third Bank which alleged that the banks ignored \u201cred flags\u201d when financing Tricolor, Reuters reported June 10.<\/p>\n<p>\u201cAs alleged in the indictment, CEO Daniel Chu was the leader of an elaborate scheme to defraud creditors of Tricolor,\u201d U.S. Attorney Jay Clayton stated in the December 2025 press release. \u201cAt his direction, Tricolor repeatedly lied to banks and other credit providers, including by falsifying auto-loan data and \u2018double pledging\u2019 collateral \u2026 New Yorkers and all Americans want continuing criminal enterprises shut down and their leaders brought to justice whether they are on our streets or in our markets.\u201d<\/p>\n<p>Among the charges against Chu is \u201cContinuing Financial Crimes Enterprise\u201d (CFCE), which carries a minimum mandatory sentence of 10 years, but can also lead to life in prison. Also known as the \u201cFinancial Kingpin\u201d statute, it can be invoked when the government suspects at least four people of working together to commit financial crimes receiving at least $5 million in receipts within a 24-month period, according to Barnes &amp; Thornburg. This is the first time in a decade the statute was invoked.<\/p>\n<p>Prosecutors said during the Tuesday hearing that they were able to access 10 out of the 21 devices they seized. Chu\u2019s defense attorney, Matthew Schwartz, requested during the hearing that the court delay the trial to account for the DOJ\u2019s expansive discovery process.<\/p>\n<p>\u201cMr. Chu wants to go to trial, and he wants to go to trial as soon as fairly possible to clear his name,\u201d Schwartz said. \u201cHe\u2019s an innocent man. But he has to be ready and he has to be afforded reasonable time to review the government\u2019s evidence, to prepare his defense, to litigate all of these motions, to pursue third party discovery, to do his own investigation, to prepare for substantial cross-examinations.\u201d<\/p>\n<p>U.S. District Judge Kevin Castel upheld the trial\u2019s October 2026 start date during the Tuesday hearing. He plans to hold another hearing on July 29 to determine if the start date needs to be delayed to February 2027.<\/p>\n<p>All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter\u2019s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact\u00a0licensing@dailycallernewsfoundation.org.<\/p>\n<p>Read more <a href=\"https:\/\/hometransferguide.com\/?p=2791\">\u2018Egregious\u2019: Two People Charged In Alleged Multi-Million Dollar Healthcare Fraud Scheme<\/a><\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A former CEO pled not guilty to charges concerning an alleged $800 million plot that reportedly provided subprime loans to illegal aliens.<\/p>\n","protected":false},"author":1,"featured_media":2796,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[1834,106,135,2908,406],"class_list":["post-2797","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-interesting","tag-auto-industry","tag-department-of-justice","tag-fraud","tag-hispanics","tag-u-s-department-of-justice"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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