{"id":7020,"date":"2026-03-25T11:15:37","date_gmt":"2026-03-25T16:15:37","guid":{"rendered":"https:\/\/niada.com\/dashboard\/?p=7020"},"modified":"2026-03-25T11:15:38","modified_gmt":"2026-03-25T16:15:38","slug":"trial-date-set-for-october-for-tricolor-executives","status":"publish","type":"post","link":"https:\/\/niada.com\/dashboard\/trial-date-set-for-october-for-tricolor-executives\/","title":{"rendered":"Trial date set for October for Tricolor executives"},"content":{"rendered":"\n<p>A trial date has been set for Oct. 19 for the fraud case against Tricolor executives Daniel Chu and David Goodgame.<\/p>\n\n\n\n<p>Chu was charged with Continuing Financial Crimes Enterprise; Conspiracy to Commit Bank Fraud and Wire Fraud Affecting a Financial Institution; Bank Fraud and Wire Fraud Affecting a Financial Institution. The penalties range from life in prison to up to 30 years.<\/p>\n\n\n\n<p>Goodgame was charged with Conspiracy to Commit Bank Fraud and Wire Fraud Affecting a Financial Institution; Bank Fraud and Wire Fraud Affecting a Financial Institution.<\/p>\n\n\n\n<p>Both men pleaded not guilty in January and are currently free on bond, awaiting trial.<\/p>\n\n\n\n<p>In December 2025, the United States Attorney for the Southern District of New York, along with the FBI and FDIC, announced the unsealing of a 20-page indictment against the Tricolor founder and CEO, Chu, charging him with defrauding multiple banks and leading a series of fraudulent schemes.<\/p>\n\n\n\n<p>The indictment alleged that, between 2018 and 2025, Tricolor used two primary schemes to defraud banks: the double-pledging of collateral to multiple lenders and manipulating loan data to make delinquent accounts appear current. The indictment includes text messages on the activity.<\/p>\n\n\n\n<p>The indictment states Tricolor pledged $2.2 billion of collateral to lenders but only had $1.4 billion in real collateral, with $800,000 in fraudulent collateral created by the conspirators.<\/p>\n\n\n\n<p>In September, Tricolor placed its more than 1,000 employees on unpaid leave and then filed for Chapter 7 bankruptcy.<\/p>\n\n\n\n<p>Vervent was appointed by the bankruptcy court to service Tricolor\u2019s more than 100,000 subprime auto loan accounts. According to a <a href=\"https:\/\/www.businesswire.com\/news\/home\/20260303846023\/en\/Vervent-Expands-Partnership-with-Quanta-Credit-Services-to-Support-Tricolor-Portfolio\" target=\"_blank\" rel=\"noopener\">March press release<\/a> announcing its expanded partnership with Quanta Credit Services, Vervent stated it has been managing elevated delinquency rates that pre-dated the bankruptcy filing and have continued during the portfolio transition.<\/p>\n","protected":false},"excerpt":{"rendered":"A trial date has been set for Oct. 19 for the fraud case against Tricolor executives Daniel Chu&hellip;\n","protected":false},"author":1,"featured_media":5385,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"csco_singular_sidebar":"","csco_page_header_type":"","csco_appearance_grid":"","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[3],"tags":[],"class_list":{"0":"post-7020","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-industry","8":"cs-entry","9":"cs-video-wrap"},"_links":{"self":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/posts\/7020","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/comments?post=7020"}],"version-history":[{"count":0,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/posts\/7020\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/media\/5385"}],"wp:attachment":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/media?parent=7020"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/categories?post=7020"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/tags?post=7020"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}