Episode Details
Back to EpisodesUpdate on Private Credit as Tricolor executives are charged with fraud!
Episode 631
Published 3 months, 3 weeks ago
Description
As Tricolor Holdings’ executives have been charged with ‘systemic fraud’, auto lending continues to deteriorate, and bank regulators are vowing to take a closer look at NDFI’s. U.S. prosecutors in Manhattan unsealed indictments against founder and CEO Daniel Chu and Chief Operating Officer David Goodgame. The charges accuse the two executives of orchestrating a series of fraudulent schemes that allowed Tricolor Holdings to obtain billions of dollars from lenders by misrepresenting the value of its loan collateral. Bank auto loan delinquency increased to 2.9%, Credit Union auto loan delinquency increased to 2.5%. This episode reviewed a series of articles from CNBC and S&P Global (subscription required).