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0.000126790921769886 -0.000206035247876245 -0.000618105743628735 -0.000475465956637613 0.000411753518448144 0.00190186382655009 -0.00129960694814259 -0.00158488652212502
Stock impact report

Tricolor executives charged with fraud following collapse [Yahoo! Finance]

JP Morgan Chase & Co. (JPM) 
Last jp morgan chase & co. earnings: 4/14 06:43 am Check Earnings Report
Company Research Source: Yahoo! Finance
An indictment unsealed Wednesday by the U.S. Attorney's Office in Manhattan accused CEO Daniel Chu, COO Daniel Goodgame and former Tricolor executives Jerome Kollar and Ameryn Seibold of conspiracy, bank fraud and operating an ongoing criminal financial scheme. "CEO Daniel Chu was the leader of an elaborate scheme to defraud creditors of Tricolor," according to U.S. Attorney Jay Clayton. Tricolor, a used-car seller catering to buyers with weak credit in the South and Southwest, claimed over $1 billion in assets when it filed for bankruptcy in September. Prosecutors alleged the company deceived lenders by pledging the same auto loans multiple times and falsifying data to make bad loans appear qualified for financing. "At his direction, Tricolor repeatedly lied to banks and other credit providers, including by falsifying auto-loan data and 'double pledging' collateral. Fraud became an integral component of Tricolor's business strategy," Clayton said in a statement. JPMorgan a Show less Read more
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