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.



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