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JPMorgan Revealed Accounting Weaknesses at Tricolor
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Subscribe23 DEC 2025 / ACCOUNTING & TAXES
Texas-based auto lender Tricolor Holdings fell into liquidation and fraud charges after JPMorgan suffered significant loss due to sloppy accounting practices and control failures at the company. JPMorgan's audit flagged double pledging and false accounts, while analysis by Waterfall Asset Management personnel detected inconsistencies, leading to the revelation of serious accounting malpractice, such as manually altering delinquency fields to make bad loans look current, non-existence of assets still being counted as active receivables, and multiple loans being pledged as collateral across different lending facilities. Tricolor's collapse has led to increased scrutiny of accounting practices and controls across credit markets.
The collapse did not start with sirens or subpoenas. It started with a spreadsheet. Somewhere between an Excel column and a bank reconciliation, a Texas auto lender quietly crossed from sloppy accounting into something much darker. By the time the dust se...
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