| Subprime Fraud of
Tricolor Led to SDNY Presser Now
9 of 10 Laptops Privilege Issues
by
Matthew Russell Lee, Patreon Book
Substack
SDNY
COURTHOUSE,
Jan 13 – Early on December 17
the SDNY US Attorney's Office
announced the unsealing of an
Indictment charging DANIEL
CHU, the founder and former
CEO of Tricolor Holdings LLC,
with orchestrating a
years-long financial crimes
enterprise that defrauded
multiple banks and other
private credit providers - and
an 8:30 am press
conference.
Inner City Press
raced and went, asked two
questions and live tweeted,
here
Clayton:
Systematic fraud that reaches
the C-Suite will not be
tolerated. We will meet
C-Suite cooperation with open
arms. But tacit C-Suite
approval of crime will be met
with the full array of our
prosecutorial resources.
[Then much praise
of the FDIC. But wait:
aren't they deregulating these
banks?]
FBI Assistant
Director in Charge Christopher
G. Raia, after joking about
recent shoulder surgery so not
asking him questions: The CFO
has pled guilty and Chu has
been arrested... We will
protect the integrity of the
credit markets... Thank you to
the FDIC OIG and FBI Dallas
and Miami field offices. Have
a safe holiday season
Inner City
Press asked if the
deregulation of banks - JPM
Chase, Fifth Third - isn't
making this type of fraud
easier to pull off.
Clayton: Supervision would not
have stopped this fraud.
Off topic Inner
City Press asked Jay Clayton
if his office is monitoring
the Luigi Mangione suppression
hearing in state court. He:
Not appropriate to answer
Indictment on
Patreon here
Quietly
docketed on December 17 was
the December 16 arrest and
presentment to plead guilty
before Judge Lewis J. Liman of
Ameryn Seibold of Tricolor,
quickly released on $100,000
bond, filed under seal
December 16.
That case is USA
v. Seibold, 1:25-cr-585
(Liman)
On January 13
Judge Castel held a
proceeding, noting that while
Chu will get the contents of 9
of 10 laptops in the case, his
co-defendant David Goodgame
will not get Chu's for now at
least due to privilege issues.
A next hearing was set for
March 19 at 2 pm.
More bank
analysis on X for Subscribers
here
and Substack
here
The case is USA
v. Chu, et al., 1:25-cr-577
(Castel)
***
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