Tricolor CEO received a $6.25 million bonus weeks before company’s bankruptcy, prosecutors say

Tricolor CEO received a .25 million bonus weeks before company’s bankruptcy, prosecutors say

Key Points

Tricolor CEO Daniel Chu directed a deputy to send him $6.25 million in bonuses in August, weeks before the company filed for bankruptcy, U.S. prosecutors alleged.
Chu is accused of engaging in “systemic fraud” over roughly seven years through 2025, according to an indictment unsealed on Wednesday.
Prosecutors say Chu used some of the bonus money to buy a “multi-million-dollar property” in Beverly Hills, California.
The abrupt collapse of Tricolor was one of a string of defaults that churned the U.S. banking industry this fall.

Source

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