SEC Alleges Fraud at Texas-Based Auto Lender

The regulator's action names Daniel Chu, Jerome Kollar and Ameryn Seibold, all former Tricolor executives, on fraud counts. Tricolor Holdings, LLC is headquartered in Texas. Chu formerly served as CEO of the company, Kollar as CFO, and Seibold as Senior Director of Finance. That complaint went to Manhattan federal court, sitting as the Southern District of New York.

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SEC Charges Former Tricolor Executives With Fraud

Highlights

  • Chu, Kollar and Seibold each face fraud charges from the regulator.
  • Daniel Chu served as CEO of Tricolor Holdings, LLC.
  • Jerome Kollar served as CFO of Tricolor Holdings, LLC.
  • Ameryn Seibold served as Senior Director of Finance at Tricolor Holdings, LLC.
  • Tricolor filed for bankruptcy in September 2025.
  • Federal prosecutors in Manhattan brought criminal charges against the three men in December 2025.

Allegations of Misrepresented Collateral

According to the complaint, Tricolor, Chu, and Kollar made numerous false and misleading representations to investors about the lender's overall financial health. The SEC alleges that Tricolor represented loans in its asset-backed securities collateral pools were free and clear of other liens while knowing many had been or would be double pledged. The defendants are also accused of manipulating loan metrics to make non-paying or defaulted loans appear current and eligible for securitization pools.

Charges and Requested Relief

At its core the case rests on the antifraud provisions of two statutes: the Securities Act of 1933 and the Securities Exchange Act of 1934. The complaint also includes an additional charge of control person liability against Chu. What the regulator wants from all three: injunctions, the return of ill-gotten gains with prejudgment interest, and civil penalties.

“We allege that these defendants defrauded investors based on bogus collateral and violated the integrity of our private credit markets.”

David Woodcock, Director of the SEC's Division of Enforcement

Bankruptcy and Criminal Charges

Tricolor filed for bankruptcy in September 2025. Criminal charges followed in December 2025, brought against the three men by federal prosecutors in Manhattan.