Two former executives and a former manager at subprime auto lender Tricolor Holdings falsified documents in pursuit of a $1.9 billion fraud against investors and banks including JPMorgan Chase, according to the Securities and Exchange Commission (SEC).
Tricolor, which formed in 2007 and had dealerships in California, Illinois and Texas, provided subprime car loans to customers and then packaged them into asset-backed securities (ABSs) to raise capital. The company employed more than 1,000 people.
