Overview
- An SDNY indictment unsealed Wednesday charges Daniel Chu and David Goodgame with conspiracy, bank fraud and operating a continuing financial crimes enterprise.
- Former CFO Jerome Kollar and senior finance executive Ameryn Seibold pleaded guilty and are cooperating with the government, according to prosecutors.
- The case alleges repeated double‑pledging of the same auto‑loan collateral, manipulation of delinquency data, and fabricated customer payments to unlock financing.
- Prosecutors say Chu took $6.25 million in late‑August bonus payments and purchased a multimillion‑dollar Beverly Hills property weeks before the September Chapter 7 filing.
- The government pegs lender harm at roughly $923 million across multiple institutions, with banks including JPMorgan, Fifth Third and Barclays disclosing large related losses.